Sunday, April 22, 2007

Calculators: Credit Card - moneymanager.com.au

Calculators: Credit Card - moneymanager.com.au


One of the handiest things on the internet are the calculators that are available to compare different interest rates, weights, measures, currency etc. And I often Google up a calculator to work out distances or relative dimensions and the like, but I've never seen a calculator that shows how payments to credit cards will compare, when you alter the minimum monthly payment for example, with the time it would take to pay that amount owing back.

In the example that I selected, $7,000 since I understand that is supposedly the average credit card debt in the US currently (check the figures if you wish, this is a guide, not verified), at at a rate of 17.5% which is relatively low, the payment time is 28 years. Naturally this assumes that nothing else is added to the card ;-)

Check it out.

Calculators: Credit Card - moneymanager.com.au
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