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.
