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According to the latest data there are over 1 billion credit card users worldwide. Credit cards are also referred to as the plastic money, but is it really a good idea to be dependent on one? You would probably say no, but it's really hard to keep yourself from spending when you have the money available right there in your pocket. The Credit Card Debt Payoff Calculator allws you to calculate how much quicker you can repay your credit card and become debt free, the supporting article and information explains approaches that you can use to improve the control of your finances and lead a more finance stress free life.

If you are unfortunate enough to be stuck with a huge credit card debt, it is best to plan and pay that amount off as soon as possible as it will have a negative impact on your personal finances as well as your mental health (sleepless nights, stress, worry and anxiety are not uncommon sypmtoms for those with large debt). You can simply call and ask your bank about your outstanding debt amount, interest rate that they charge and any other fees that will be collected in case of non payments.

After you gather the required data, you can calculate and plan the monthly payment to pay off the entire amount, and in case you do not want to get into the manual calculation, you may just use an online calculator to help you calculate, such as the credit card payoff calculator by iCalculator.

Let's explore the method of using the calculator.

In order to use the calculator, please input the following data into the calculator:

**Credit Card Balance:**This is the total due amount or total outstanding balance on your credit card, you may refer your monthly statement to find this out.**Interest rate (Annual Percentage):**This is the amount of interest that your bank charges on your outstanding balance, in order to find this out, you may check the website of your service provider or you may just simply call and ask your bank.**Monthly Payment:**The amount of monthly payment that you can make, the amount that you think you can spare conveniently towards paying the credit card debt off.

On the basis of your inputs the calculator will provide you with results that you may use in order to take the following advantages.

The calculator is online that does the calculations within the blink of an eye. It will provide you with the following information:

Months required to pay balance: This will show you the total number of months it will take to pay off the entire debt. These calculations are done with the assumption that you are not using a credit card anymore (so no spending which increases the outstanding debt or sustains the debt level).

**Total Payment:**This will show you the total payment you will be making. This includes the interest and principal amount, again the calculations are done with the assumption that you are not using a credit card anymore.**Total Interest:**The total amount of interest that you will be paying on the principal outstanding over a given period of time that will be taken toward paying off the debt.

The calculator is easy to use as discussed above; all you have to do is enter the accurate data in order to get accurate results.

The results obtained from the calculator will enable you to manage your credit card debts effectively.

The detailed results from the calculator will show you the clearer picture of how much interest you are paying for your debt, so you may choose wisely in future.

Expensive interest rate: To start it off, the interest that you pay on a credit card is generally quite expensive, just to give an example, it can be as costly as two or even three times of a mortgage loan.

It's a risky thing: You may get too deep without even knowing, using credit cards is simple, but the accumulation of principal and interest will never stop, unless you stop and give it a careful glance.

Your repayment history: If you are unable to balance the credit card debt on a regular basis, it may result in a bad credit score, this can hurt you in the future when you actually need to borrow for your house or some other important things.

No tax benefits: Moreover, unlike some other kinds of loans, such as mortgages (for certain countries), credit card debts are never tax deductible. So, it is always a good idea to pay off the credit card debts as soon as possible but please do not be tempted by Payday loans as they will only deepen your debt. .

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