Interest & Payoff Calculator
One of the most popular questions I get is: “Kevin, how do I calculate how long it will take me to payoff a debt?” The question that often follows is: “How much interest will I pay for a debt if I pay the minimum balance?” So, in order to avoid a brief lecture on the mathematical formula to calculate compound interest, I have put together a dynamic calculator that will do the work for you. Warning: the results may be frightening.
This calculator, which uses a common compound interest formula, will determine
how long it will take you to pay off your debt --a mortgage, a car loan, or a
credit card debt. Enter in the balance, interest rate (APR), and monthly
payment. Afterwards, hit the "Calculate" button to see the result.
Greetings! I’m Kevin D. Johnson, a small business owner who has recently assumed the role of consumer advocate and internet activist. Atlanta, Georgia is my home.
Upon returning from my wonderful honeymoon in Jamaica last October, I received what I thought was an ordinary American Express bill, but to my surprise it was a disappointing letter informing me that my credit line was reduced by about 65% for a highly suspicious and discriminatory reason. Considering my excellent credit score and pristine payment history, it just didn’t make sense. However, what does make sense are the unfair and insidious policies that I have uncovered when asking why. It is time to change them.
I created this web site to document and share my challenging journey to change what is wrong, unfair, and unjust in the credit card industry. The ultimate goal of this web site is to inform consumers of ways to stand up for themselves against treacherous business practices and to educate consumers about how to improve their credit. Finally, I hope to encourage a more open dialogue with credit card companies about their policies–good and bad.
Looks like Amex is raising rates again. I have 2 cards... one is going to 17.24 from 10.24 and the other is going to 15.24 from 9.9. I owe less than I did 6 months ago and my credit score is 20 points higher. This is ridiculous. I can't believe the jerks in our Government are letting these guys get away with this.
Posted by: Chad S | August 13, 2009 at 02:29 AM
AmEx is again raising rates on excellent paying customers with excellent credit scores.
Posted by: Len | August 11, 2009 at 04:34 PM
This is an excellent article; I am sure will be helpful for plenty of people around
Posted by: mortgage rate calculator | June 20, 2009 at 06:59 AM
I really liked your blog! i hope you continue posting this kind of information
Posted by: interest only calculator | June 20, 2009 at 05:37 AM
I've just checked the calculator, a helpful tool. Since many people in debt frequently think to pay the minimum amount due against their existing debt. I want to add one thing on this issue - Its suggested not to go for paying minimum amount due amount, as the interest charges are very high and moreover bank/finance companies always insist to carry on with paying that amount only.
Posted by: MBrown | April 17, 2009 at 03:05 AM
Holy $##(23048!!!
Posted by: Opinionator | February 23, 2009 at 12:02 PM
OH MY GOSH!!!!!! I HAVE SOME REALLY BAD DEALS!
Posted by: Laura B. | February 23, 2009 at 08:04 AM
you are right... it IS frightening! i am paying like $350,000 for the house I bought for around $130,000. i am paying $35,000 for a car that was worth $23,000 at the time. i think i'll go find another job now after i a stop being depressed.
Posted by: Jessica Grey | February 23, 2009 at 06:57 AM