- Credit cards
- Enter your total
credit card debt and its average interest rate, or press the "Enter
Data" button to enter up to 10 credit card accounts, one on each line.
- Auto loans
- Click on the
"Enter Data" button to input any auto loans you may have into the
details page. This details page is designed to let you input your
current monthly payment, the term (in months), the starting balance
and the number of months you have left. It then calculates your outstanding
balance and interest rate. You can enter up to three installment loans.
- Other loans
- Click on the
"Enter Data" button to input any additional installment loans you
may have into the details page. This details page is designed to let
you input your current monthly payment, the term (in months), the
starting balance and the number of months you have left. It then calculates
your outstanding balance and interest rate. You can enter up to six
installment loans.
- Balances
- Your total current
balances for your credit cards, auto loans and other loans.
- Interest rates
- The average annual
percentage rate you pay. This interest rate is calculated for each
of the categories of debt you have including credit cards, auto loans
and other installment loans. For credit cards the rate you enter is
used to calculate the interest on all future credit card payments.
The length of time to pay off this credit card may be much greater
than calculated if you enter a low promotional interest rate that
is only good for a short period of time.
- Payment
- This is your
initial monthly payment. For credit cards, if you checked the "use
credit card minimum payments" box, your monthly payment is calculated
as 2% of your current outstanding balance. With the "use credit card
minimum payments" box checked, your monthly payment will decrease
as your balance is paid down. This can greatly increase the length
of time it takes to pay off your credit cards. Uncheck this box to
enter your own monthly payment that will remain the same until your
balance is paid in full.
( We calculate
your minimum monthly payment as 2% of your current outstanding balance.
While your actual minimum monthly payment may be slightly different,
this is one of the most common methods used by credit card companies
to calculate minimum payments.)
|