This calculator will show you how much interest you will end up paying if
you make only the minimum required payment on your credit card bill--that is, assuming you
stop charging any more to it. After seeing the shocking figures this calculator will
generate, I doubt you'll want to continue allowing the credit card companies to build your
swimming pool in their backyards. And remember, it's not just the interest you're
losing, you're also losing the interest you could be earning on that interest if you were
investing it rather than paying it to the credit card companies!
This calculator will
also tell you how many minimum payments you will make before your balance is paid off (up
to a maximum of 600 payments).
Note: Somewhere in your credit card disclosure statement the card
company will tell you something like "your minimum payment will be 2% of the balance
or $10, whichever is higher. These are the figures you will enter in Row #3 and Row #4
respectively.
