Calculate the monthly repayments on your credit loan
The credit calculator is a great way of working out how long it will take you to pay off your credit card debts, based on the amount that you can afford to pay each month. Simply put the total amount that you owe into the first box, then add the interest rate that your credit card provider is charging you, and then enter the amount that you currently repay each month. The result will let you know how long it is likely to take you to pay off your outstanding credit card debt.
There are a number of ways in which you can pay back your debt faster, of which the most effective is to adjust your spending habits so that you can pay more off each month. If you only pay back the minimum amount each month, you will never actually pay off the debt, only the interest. Make a list of all your financial incomings and outgoings each month, such as your rent, bills, school fees and groceries, and work out how you can make compromises to allow you to pay off a greater amount each month and clear your debt faster - maybe by temporarily cancelling your satellite television subscription, or by switching to shopping in a cheaper supermarket. Even weaning yourself off your daily cappuccino habit could save you a surprisingly large amount! The credit calculator will help you on your path to a debt-free life.