- Credit cards
- Enter your total credit card debt and its average interest rate,
or press the "Enter Data" button to enter up to 10 credit card accounts,
one on each line.
- Auto loans
- Click on the "Enter Data" button to input any auto loans you may
have into the details page. This details page is designed to let you
input your current monthly payment, the term (in months), the starting
balance and the number of months you have left. It then calculates
your outstanding balance and interest rate. You can enter up to three
installment loans.
- Other loans
- Click on the "Enter Data" button to input any additional installment
loans you may have into the details page. This details page is designed
to let you input your current monthly payment, the term (in months),
the starting balance and the number of months you have left. It then
calculates your outstanding balance and interest rate. You can enter
up to six installment loans.
- Balances
- Your total current balances for your credit cards, auto loans and
other loans.
- Interest rates
- The average annual percentage rate you pay. This interest rate is
calculated for each of the categories of debt you have including credit
cards, auto loans and other installment loans. For credit cards the
rate you enter is used to calculate the interest on all future credit
card payments. The length of time to pay off this credit card may
be much greater than calculated if you enter a low promotional interest
rate that is only good for a short period of time.
- Payment
- This is your initial monthly payment. For credit cards, if you checked
the "use credit card minimum payments" box, your monthly payment is
calculated as 2% of your current outstanding balance. With the "use
credit card minimum payments" box checked, your monthly payment will
decrease as your balance is paid down. This can greatly increase the
length of time it takes to pay off your credit cards. Uncheck this
box to enter your own monthly payment that will remain the same until
your balance is paid in full.
( We calculate your minimum monthly payment as 2% of your current
outstanding balance. While your actual minimum monthly payment may
be slightly different, this is one of the most common methods used
by credit card companies to calculate minimum payments.)
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