Credit Card Interest Calculator

There are many tools available online that can help you improve your financial future, but none quite have the same impact as a credit card interest calculator does.

The Problem with Credit Cards

Credit cards are not a good source of spending cash. Of all the loans you can possibly get, the loan you have through a credit card is often subject to the highest interest rates imaginable. That means the purchases you make on credit cards are some of the most expensive purchases you can make. Since credit cards aren’t often used for large ticket items like homes and cats, they are often utilized to buy unneeded items, impulse purchases and “stuff.”

How a Credit Card Interest Calculator Helps

It is one thing to understand “in theory” how your credit card interest rate affects your spending, but it is an entirely different and more effective thing to see it illustrated by a credit card interest calculator. With the calculator, you will see exactly how much interest you are being charged on your purchases, how long it will take you to pay these purchases off and how much money you could save be merely paying more than the minimum payment required each month. Not only can this compel you to pay off your purchases faster, but it can also change your relationship to spending. After seeing how many of your heard-earned dollars end up in the credit card company’s pocket it is entirely possible you will not want to use your credit cards for purchases ever again.