Find out how much interest you will have to pay & how long it will take you to pay off your credit card bill(s), if you make only the minimum payment every month.
Instructions: Enter your information in the first four boxes - as numbers & decimal points only - and then click on [Calculate]. In your credit card disclosure statement, it should say something like: "Your minimum payment will be 2% of the balance or $10, whichever is higher". These are the numbers to enter in the third & fourth column, respectively.
By recalculating with higher minimum numbers, you can see how much money & time you save by adding to your minimum payment every month.