# Credit Card Payment Calculators

Use these credit card repayment calculators to work out effective strategies to pay off your credit card debt. Calculate **how long it will take to pay
off your credit card balance**. Alternatively, use the second calculator
to work out how much you should pay each month to eliminate your credit card balance completely in a set period of time.
Please note that these calculators require JavaScript to be enabled in your browser.

#### Disclaimer

Whilst every effort has been made in building these credit card repayment calculators, I am not to be held liable for any special, incidental, indirect or consequential damages or monetary losses of any kind arising out of or in connection with the use of the calculator tools and information derived from the web site. These tools are here purely as a service to you, please use them at your own risk.

The calculations given by the credit card repayment calculators are only a guide. Please speak to an independent financial advisor for professional guidance. Read the full disclaimer.

## Credit card calculators - FAQ

### How long will it take me to pay off my credit card bill?

It is important to be aware of the interest rate that you're paying on your credit card bill and the monthly interest charge for the credit you're receiving. If your monthly repayments are too little, your bill may actually be rising month-on-month in interest alone. Read all about why your credit payment plan may never clear your debts.

To work out exactly how much time it will take to pay off your credit card bill, use our calculator above.

### How much should I pay off my credit card bill each month?

Paying the absolute minimum on your credit card bill is great for your credit card company but bad for you.

Many credit cards charge a very large rate of interest on the money that you borrow and most state that you only need to make a minimum payment each month (often about 2%). Whilst this sounds really tempting, it can actually prove very costly in the long run. That is why many financial advisors advise not to borrow money on a credit card if you can possibly avoid it.

So, the simple answer to the question about how much you should pay off is **as much as you can**. Even paying off a small amount above the
minimum required will help reduce the compounded interest in the months to come. To work out the minimum monthly payment required to pay off
your credit card bill in a particular timescale, use our calculator at the top of this page.

If you would like some tips on improving your credit rating, including thoughts on what to do with your credit cards, see our simple guide to boosting your credit score.

### Should I borrow on a credit card?

Whilst there are often some very good deals out there on credit card interest rates (including some that allow you 0% interest for a set period of time), you should always check the small print on each offer to find out how long the deal lasts.

As an example, a 0% interest deal may last for 6 months, at which point the interest rate might rise to 15%. Get caught up in that and you'll suddenly find yourself paying high interest on your credit loan at the end of the first 6 months.

Most financial advisors would agree that although credit cards are convenient, they are often a very expensive way of borrowing money and should be avoided if possible. Borrowing money long term on a credit card does not make good financial sense. If you already have a large credit card bill, shop around and see if you can move the balance across to a credit card with a lower rate. It's well worth the effort.

### What Is APR?

APR stands for **Annual Percentage Rate** and is the borrowing interest rate for your loan or credit card debt. The APR calculation takes into account for
the interest rate, how often it's charged, initial fees and any other costs associated with the loan. Credit cards tend to have high APR percentages,
commonly between 15 and 40 percent, so it's worth spending extra time hunting around for a good rate.

If you have any problems using the credit card payment calculators, please contact me. I hope these calculators help you pay off your credit card bills quickly and efficiently.