VisucalCalc’s Credit Card Calculator

VisucalCalc’s Credit Card Calculator helps consumers assess the best option for paying off their credit card debt.

Americans now have $784 billion in credit card debt. The average American holds $5,700 in credit card debt, and if you look only at those who are indebted, this number climbs to $16,883. 38.1% of Americans carry some credit card over from month to month. Credit card debt is the 3rd largest source of indebtedness, behind only mortgages and student loans.

Since most credit cards carry interest rates in the high teens, consumers should do whatever they can to extinguish this debt each month by paying their full outstanding balance. However, in some cases this isn’t possible. There are a variety of approaches consumers take to extinguishing this debt over time. Some consumers pay the minimum amount each month, and avoid accruing any new charges on their card(s). Others budget a fixed monthly payment amount per month that they can afford – one that is higher than the minimum amount required. Still others target paying off their debt over a fixed amount of time.

To help you determine which of these approaches is preferred, consumers can use VisualCalc’s Credit Card Debt Calculator. This calculator shows how alternative debt payment options impact two aspects of a consumer’s credit card balance: 1) their total interest; and 2) the number of months required to pay off their balance.