Work out your credit card repayments | moneyfacts.co.uk
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Credit Card Repayment Calculator

Our credit card repayment calculator will help you understand how long it will take to pay off your existing balance based on the figures you input. This can also be used to experiment with how changing the amount you regularly pay back will impact how quickly you can settle the outstanding debt. Of course, the more you can afford to pay back the better. Paying off just the minimum amount each month will mean that it will take much longer to settle the debt, as well as meaning that you'll be paying a lot more in terms of interest. If you would like to know more about our Credit Card Repayment Calculator please see the info below

 

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Why use a credit card repayment calculator?

Knowing how much your credit card repayments will be will help you to keep your credit card debt manageable and allow you to create a plan to clear your debt. When looking at how much you can repay each month it is important to remember that you should be able to comfortably make the repayments both now, and should your financial situation change or unexpected costs come up in the future. 

How to use the repayment calculator

Using our mortgage repayment calculator is simple – just add the amount you plan to borrow in the top box and the amount of time you are planning to make repayments in the box below. In the bottom box add the interest rate. Once these have all been filled in, click on the ‘calculate’ button and the potential monthly repayment will be calculated for you.

Moneyfacts tip

Moneyfacts tip nigel woollsey

If you are paying a high rate of interest on your current credit card, why not consider moving your debt to a 0% interest balance transfer card instead? These typically offer an extended introductory interest-free period which will give you breathing space to clear or reduce your debt without interest being added.

 

 

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