When you have high credit card bills, it can be a small mountain to climb, especially with all of the other things you have to pay for in your life. The fact that credit card companies allow you to pay off your debt to them slowly but surely over time, while accruing more interest on top of the amount you are still spending on your bill, can quickly spiral into true credit card debt that will be very difficult to climb out of. Which is why using the credit card calculator from Half A Payment is so helpful.
Where to Find the Credit Card Calculator
Simply head to the Half A Payment site and find their credit card payoff calculator so you can get a better sense of what you really owe and what you can do to reduce your debt more quickly. There will be four different columns in which you can enter information about the amount that is owed on your bill.
How to Use the Credit Card Calculator
In the first column of the payoff calculator you will be asked to enter your current minimum payment amount. This is the lowest amount that your credit card company asks you to pay on each bill. The next column will ask you what your current interest rate or APR is. This is the interest you are charged by your credit card company on any remaining balance on your bill at the end of each month. This is where more cost comes in over time and Half a Payment can help to reduce this when you pay off more of your bill each month. In the next column the remaining balance will be entered, which is the amount left after you subtract the minimum payment and add in the APR. Yet in the final column, the most important part of the credit card payoff calculator, you will be asked to enter in another amount, whatever extra you think you can pay each month. Then hit See Results.
Results from the Credit Card Calculator
The credit card calculator will show how long the minimum payment will take to pay off, how long the Half a Payment Plus plan will take and how long a Payment Plus plan would take. Money saved is shown, as well as the reduced interest rates. It puts everything into perspective and allows those who are in debt to suddenly have a payment and spending schedule going forward.
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