Credit Card Repayment Calculator
The Credit Card Repayment Calculator will show you how long it will take to pay off your debt. Choose from making the minimum payment, or a higher amount of your choosing.
Fill in your details for your credit card repayments based on how much you owe and your interest rate, and our calculator will give you an insight into how much interest you will pay and how long it would take to pay off your debt. Should you make more than the minimum repayment you adjust these settings below.
It is recommended to speak to one of our consultants about how you can potentially save thousands by freezing interest and being debt free in as little as 3-5 years.
Credit Card Calculator
See how much you'll save by making a higher repayment.
Note: Your minimum monthly repayment amount is calculated as a percentage of your closing balance, or a minimum dollar amount of your closing balance - whichever is higher. Check your PDS and change these amounts if your lender's amounts are different from these defaults.
When you’re aiming to secure a plan that can ensure your repayments are made on time, every time, there are several options you can consider when you’re eager to wipe your debt clean.
If you believe you need to set up a solid plan for your debt repayments, here are some guidelines you can follow in order to create a repayment plan that you can stick to.
Here are 5 steps you can follow to pay off your credit card
1. Set a realistic goal
Setting realistic goals that you’re able to stick to is something that can take a load off your mind without the impending stress.
If you have high interest debt that’s waiting to be wiped from your debt history it can be reassuring to set one or multiple goals that can be easily attainable. This way, you can also track your progress with smaller, more manageable aims.
2. Put your credit cards aside
Going cold turkey can actually make you realise how much you depend on your credit cards.
Putting them somewhere you cannot reach, such as locking them up and hiding the key (in a safe place), inside a photo frame or in one of the many envelopes found in your drawers, can deter temptation to use them.
Another tip is to pay for all expenses and purchases with hard cash in hand, instead of using a card, will make you more conscious of your payments and outgoings.
3. Make lists
Compile a full list of all your outstanding debts, balances with charges and interest rates tied to each balance.
From there, you can order these repayments in order of priority that can ensure you pay off as much as you can from these debts as quickly as possible. What is determined as a priority to each person is different. Some people prefer to pay off their mortgage first, whereas others might prefer to pay off the debts with the highest interest rates and charges as soon as possible.
In each instance, whatever you believe is the highest priority should then be stuck to within your plan of action.
4. Spend money on only the necessities
It may sound like one of the easiest and most obvious steps, but cutting your spending to only the essentials can be difficult at first.
However, it’s all very doable, and it’s an easier way of reviewing how much you spend each month and cutting needless expenses. Even just the little things you spend can actually save you a lot of money, especially on some of your favourite things; your cappuccino at the nearby cafe will probably cost $2 more than buying coffee to drink at home.
5. Make a monthly plan
Once you have figured out what your essentials are you can set up a monthly spending plan that can follow.
The most important thing to remember is that you should stick to your monthly plan strictly. This also adds to the ease of being able to learn where exactly your money is going each month and how you can cut back on spending in certain areas.
Further, it ensures you are living within your means and gives you a realistic timeline as to when you’ll be able to pay back all of your outstanding debts.
With all the points mentioned above, it’s hugely important to seek out a professional for a consultation concerning your credit card debt. Debt Mediators have been helping tens of thousands of people with their debt problems, and we can provide you with a no obligation consultation to see if we can help you. Call us today!