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Credit Debt Calculator - Advice on Using a Free Credit Debt Calculator

basic function debt reduction calculators

If you’ve got substantial credit card debt, you need to know where you stand. It’s important to get not only a general idea of what your debt is, but to know specific figures. You also need to be able to see the numbers for a variety of different repayment strategies in one place. For this purpose credit debt calculators are very helpful. Here are some of the functions you can expect a credit debt calculator to perform:

Basic Function

The basic usage sequence of a credit debt calculator is as follows: the user inputs his or her credit card balance, the interest rate, and the monthly minimum payment. The calculator then tells the user the length of time it will take to pay off the card and how much the total expenditure in paying off the card will be. This is helpful for a user to get a realistic sense of what type of debt reduction strategies and approaches to pursue. Many people, though they may know what their credit card balance and monthly payments are, are hazy on the total amount they will have to spend in paying off their debt completely as well as exactly how long it will take. A credit debt calculator takes care of this task and gives the user exact figures they can work with. So this kind of program is recommended for people who are looking at reducing their credit card debt. There are many both free credit debt calculators that can be found online.

Debt Reduction Calculators

Good credit debt calculators will go a step further than the basic function noted above. They will make recommendations on how to reduce debt faster. They may, for instance, recommend adding a few dollars a week to the monthly payments and tell in exact terms how much this will reduce the balance over a certain period of time. This really encourages someone in debt to begin getting it paid off. Often the amounts one needs to increase payments are not very large. They may be only a few dollars a week. The person with the credit card debt can make minor adjustments to their budget to allow for this slight increase in payment and make substantial progress in paying off their credit card balance this way.

A List of Some Credit Debt Calculators/Sites

Personal Bankruptcy Information Calculator.com

The calculator at the site Personal Bankruptcy Information is a typical basic credit debt calculator. It performs the functions mentioned above – the calculation of the time frame for payoff and the total amount that will be paid given the interest rate and monthly payment.


The site Bizcalcs.com has an array of useful free debt reduction calculators that go beyond the basic features of the calculator mentioned above. These calculators include: Debt Consolidation, Debt Elimination, Debt Ratio (portion of various budgets that should go for debt repayment), Credit Card Payment, Credit Card Equal Payment, Credit Card Equal Payment by Payoff Time, and a even a “Financial Trouble” calculator that tells the user if he or she may be headed for financial difficulty.

What’s The Cost.com

The site What’s The Cost.com ‘s “Snowball Calculator” helps people snowball their debts. Snowballing means putting a number of debts and their monthly payments (for instance, say, several credit cards and a bank loan) into the proper order so they can be paid off as quickly and cheaply as possible. This might be fairly difficult to do on paper, so a calculator such as this one can be a big help. The site recommends snowballing debts rather than consolidating them.

Credit Card Finder.com

Credit Card Finder.com allows users to compare different specific credit card companies and credit card types and see which ones offer the best deals or find out various specifics about paying off debts if they already have the credit card(s) in question. This calculator definitely falls into the debt reduction category – it allows you to run debt reduction scenarios based on amounts of money you decide to add on to your monthly payments and so on.

Take advantage of the convenience, specificity, and simple financial advice offered by credit debt calculators. Knowing what your options are as far as credit card and other debt reduction strategies go is half the battle. To really know what courses or debt repayment are open to you, you have to be dealing with real numbers and have them in front of you, and credit debt calculators allow you to do just that.

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