Saturday, November 7, 2009, 3:47PM ET - Canadian Markets Closed.

Banking & Budgeting

How Long Will It Take To Pay Off My Credit Card?

Americans today owe more money than ever before. The fact that 'interest never sleeps' means that the situation will continue to worsen unless steps are taken at the individual level to reduce or eliminate debt. Additional monthly payments can make a difference to accelerate the payoff and save yourself hundreds and thousands in interest payments.

Loan Information	Input
Current credit card balance	(0-9999999)$
Annual percentage rate: (%)	(0-30)%
Minimum payment percentage: (%)	(0-10)%
Minimum payment amount	(0-9999999)$
Skip December payment when offered?	NoYes
Proposed additional monthly payment	(0-9999999)$

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Loan Information	Input
Current credit card balance
Annual percentage rate: (%)
Minimum payment percentage: (%)
Minimum payment amount
Skip December payment when offered?
Proposed additional monthly payment

See All Calculators

{ "fields" : { "udata" : [ "ccBalance" , "ccRate" , "minpaymentRate" , "minpaymentAmount" , "skipPayment" , "additionalPayment" ] } }

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This calculator is provided by Financial Calculators, Inc., and is intended solely for general information and educational purposes. You should not take any action on the basis of the information provided through this calculator. Please see the disclaimer for further information and limitations.

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Rates

Rates provided by

• Mortgages

  Mortgages Type	Rate
  1-yr Closed	3.59%
  3-yr Closed	4.22%
  5-yr Closed	5.07%

• GICs

  GICs Type	Rate
  1-yr Annual	0.98%
  3-yr Annual	2.16%
  5-yr Annual	2.80%

• RRSP

  RRSP Type	Rate
  1-yr	0.97%
  3-yr	2.13%
  5-yr	2.78%

View rates in your area

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