Lindsey--where is that website again?

iVillage Member
Registered: 12-12-2004
Lindsey--where is that website again?
1
Sun, 06-11-2006 - 5:49pm
Hi, Lindsey--where is that website again where you could plug in your numbers for different credit cards, and see what interest is, how long it would take to pay it off, you could play with the numbers, set a target date, etc. Of all the websites, this is the one that makes sense to me. Am dumb with math, so this helps me. WHiz.
Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Sun, 06-11-2006 - 6:26pm

Hello,

I found some great free calculators:

http://www.creditshack.org/calc/

Frozen Minimum Calculator
If you normally pay the minimum amount due on your credit card each month, this calculator is for you. This calculator shows how much time and money you will save by freezing your monthly credit card payment at today's minimum payment level.

"Snowball" Calculator
Do you carry a balance on more than one credit card? This calculator will show you how to apportion your payments to each card. You will get out of debt sooner and minimize the amount of interest that you pay.

I used the snowball calculator to see how long it would take to pay off all of my credit cards with a snowball of $10 per month. Not only did it show me how long it would take, it brought up a printable page with monthly balances showing how much to apply to each card and when they would be paid off. Very useful!

Using the $10 snowball:

Credit Card #1 will be paid off in August 2010.
Credit Card #2 will be paid off in December 2010.
Credit Card #3 will be paid off in November 2011.
Credit Card #4 will be paid off in February 2012.

YIKES! The payoff date for BS2 with a $10 snowball is Feb 2012!

Of course, I'm making *much* more of a snowball payment than $10. In fact, it averages around $1000 per month now.

Using the "Frozen Minimum" calculator, which doesn't involve adding additional snowballs, my credit card #1 would be paid off in March 2012.

I calculated the payoff date with my current $1000 monthly snowball. The payoff dates change considerably:

Credit Card #1 will be paid off in April 2007.
Credit Card #2 will be paid off in February 2008.
Credit Card #3 will be paid off in December 2008.
Credit Card #4 will be paid off in January 2009.

Now I know my BS2 payoff date. It's January 2009 if I continue my current $1000 snowball. Since I do have months when I have a much higher snowball, the date is actually much closer. I calculated with my current interest rates, which I can lower by transferring balances to zero percent transfer offers (assuming no transfer fees).

I love having a "date" in mind, knowing that it gets closer and closer each time I stretch a little and pay off a little more debt than expected. YIPPEE!

Sincerely,
Lindsey Schocke


Geeks on Tap: Mission Accomplished

Sincerely,
Lindsey Schocke

Geeks on Tap: Mission Accomplished