Leave a comment

Take control of your credit card debt

Take control of your credit card debt
Photo courtesy of Shutterstock

Did you know American consumers are around $11.91 trillion in debt? TRILLION. To make matters worse, about $884.8 billion of that is credit card debt. Break down those numbers a little bit more and we find that for the average household, credit card debt hovers around $15,609.

Managing credit cards isn't easy. You might think you owe only a small amount on one card and, on top of that, many people forget about interest. Before you know it, you're drowning in a sea of credit card debt.

-advertisement-

Don't be caught by surprise and don't stress too much. There are online tools you can use that can offer you a life jacket.

For example, financial publisher Bankrate has a Credit Card Debt Calculator that can help you make sense of your debt and the interest, and can tell you how long it will take you to swim out of deep water.

You can enter as many as 10 credit card balances, including auto and other loan payments like student loans. Enter the interest rate and your monthly payments. Don't worry if you don't have all this information handy. If you use rough estimates, you can still get a general picture of how long it will take you to pay off your debts.

The calculator shows you a chart of how long it will take to pay off each card, and how much total interest you will have paid.

If you are confused about some of the terms used, scroll down further down the page for full explanations.

 
 
 
 
 
 
Website background checks
Previous Cool Sites

Website background checks

Don't miss any of your favorite TV shows
Next Cool Sites

Don't miss any of your favorite TV shows

View Comments ()