How To Calculate Credit Card Pay Off
Posted on October 6, 2009 at 3:13 am
this credit card pay off has a calculator right? but can you teach me how to calculate for it anyway? thank you!
Posted on October 6, 2009 at 3:29 am
It must be a different terminology...I wonder if by 'how to calculate credit card pay off' you mean how to use a budget tracker?
Posted on October 6, 2009 at 3:33 am
I agree with A bruxa -
The budget tracker is for you to know how to calculate for credit card pay off - or for you to know how much credit card debt you have, it comes in the form of an online excel spreed sheet (free).
There are free debt calculators too and software (not free)
Posted on October 6, 2009 at 3:54 am
Here's an example of a budget tracker:
http://www.debtfreedestiny.com/budgeting/free-sample-household-budget-form/
Posted on October 6, 2009 at 4:07 am
To add to that, you might want to look at a sample budget list: http://www.debtfreedestiny.com/budgeting/recommended-budget-percentages-and-guidelines/
If you can't do it yourself, please feel free to fill out a form here at destroydebt.com and have debt consultant pre-assess your situation, it's free. Just fill out a form.
Posted on October 6, 2009 at 4:17 am
By 'how to calculate credit card pay off' - did you mean how to get your average APR and how long it would take to pay off your debts with minimum payments?
Posted on October 6, 2009 at 4:32 am
You'll find out that it would take you years and years to get out of credit card debts amounting to more or less $10,000 by just paying the minimum because your interest rates will add up.
Why not try debt settlement or credit counseling?
Posted on October 6, 2009 at 4:33 am
How much would you say am I going to spend for those program? Services?
Posted on October 6, 2009 at 4:35 am
Credit counseling is non-profit but their Debt Management Plan would cost around $25/mo. after the one time set up fee.
Debt settlement companies would charge 15% of your total debt amount -spread over 18 months or they will take between 20-25% of the settlement amount.
Posted on October 6, 2009 at 4:39 am
When you are done calculating and found out that your debt is more than $10,000 and your accounts are over due, you may be paying the settlement company this much
- If you owe $10,000, your monthly payment will be about $150.00/month.
- If you owe $20,000, your monthly payment would be about $300.00/month.
That's a lot of difference from if you're paying your original minimum credit card payment of $800/month.