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We are not responsible for the content or availability of linked sites. Use this credit card interest calculator to see how much interest you will pay on your credit cards compared to what you can save on interest and pay off time with a debt management plan. Here are 5 reasons to speak with a credit counselor to learn how a debt management plan can help you. Are you feeling overwhelmed by your credit card debt? Our Debt Management Plan will help you consolidate your unsecured debt into one monthly payment and restructures your payments to be more affordable.
A debt management plan:. Get Your Debt Management Plan. Are you still not sure if a Debt Management Program is right for you? Your interest charge depends on your balance on each of those days. You start with your unpaid balance — the amount carried over from the previous month.
When you make a purchase, the balance goes up; when you make a payment, it goes down. Using the transaction information on your statement, go through the billing period, day by day, and write down each day's balance. Once you've got that done, add up all the daily balances and then divide by the number of days in the billing period. The result is your average daily balance.
The final step is to multiply your average daily balance by your daily rate, and then multiply that result by the number of days in the billing period.
Depending on whether your issuer compounds interest daily or monthly, your actual interest charge might differ slightly from this calculated amount. Compounding is the process of adding the accrued interest into your unpaid balance, so that you are paying interest on interest. Compounding is the reason you could pay more than your APR in interest. Credit card issuers charge interest on purchases only if you carry a balance from one month to the next. If you pay your balance in full every month, your interest rate is irrelevant, because you don't get charged interest at all.
Obviously, paying in full is the most cost-effective way to go, but if you usually carry a balance, a low-interest credit card can save you money on interest. Seeing the calculation in action points you to a quick way to reduce your interest charges: Pay twice a month, or more frequently, rather than once. That extra payment will shrink your average daily balance and, in turn, your interest.
For instance, if your billing cycle is 25 days long, you'll need to know your exact balance for all 25 days. You'll also need to account for any balances remaining from the prior billing cycle and any new payments made during your current billing cycle. If you have no balance from the prior billing cycle and didn't make any payments during the current cycle, the math is a bit easier. You'll need to add the balances from every day in the day billing cycle and divide by the length of your billing cycle in our scenario, 25 days.
If you had a balance from the prior billing cycle, you'd include that in the addition part of your balance calculation. And if you made any payments during your current billing cycle, make sure you subtract them when you add up current balances. Now that you found both your average daily balance and daily rate, you can calculate your interest charges.
This can be done by multiplying your average daily balance by the daily rate, then multiplying that amount by the number of days in your billing cycle.
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