Credit Card Payment Calculator to pay off all of the High Interest
D
Douglas
There should be Credit Card Payment calculator that can determine what the minimum payment would be to pay off the High Interest debt but leave as much as possible of the low interest debt.
I just learned that credit card companies use the minimum monthly payment to pay off the lower interest debt, and then, anything over the minimum payment goes towards the highest interest debt.
Therefore, I think you would need to figure out how much high interest debt was carried over, add that to this months charges and add the minimum payment to pay off all of the high interest debt.
However, if you carried over high interest debt from the month before you also need to add that payment for the interest for the day you pay it.
Ideally there would be a calculator where you can input the monthly statement numbers, amounts and interests, and calculate it.