This calculator will calculate how long it will take you to liquidate your current balance on a particular account and the amount of interest that you would end up paying if your were to make a "fixed" monthly payment. It assumes that there will be no additional charges or fees added to the account. It answers the following question:

How long will it take me to liquidate my account balance and how much interest would I have to pay if I were to make a fixed monthly payment?

1) Enter your current "Account Balance" in appropriate field.
2) Enter the "Annual Percentage Rate" in the appropriate field.
3) Enter a "Fixed Payment Amount" in the appropriate field.
4) Click once on the "Calculate" button to calculate your result.
5) Use the "Reset" button to calculate another account, or to enter new data.

If your creditor is not charging interest, enter 0 in the Annual Percentage Rate field.

How to determine the amount for each required field

Your current Account Balance and Annual Percentage Rate can be found on your most recent billing statement. If you have a special introductory rate, and/or a different Annual Percentage Rate for purchases, balance transfers, etc, it may require several computations using the respective balance for each rate. If most of the balance is attributed to a specific category, say, balance transfers, and an insignificant amount attributed to, say, purchases, simply using the specified APR for balance transfers may yield a fairly close representation.

For clients enrolled in the Debt Management Program, simply use the Annual Percentage Rate set by the creditor, which is typically applicable to the entire balance.

Note: If the APR is 18% and you enter 18, the computer will automatically convert it to a decimal, which would be .18. But if the APR is less the 1%, such as .9% as is the rate some auto dealers offer, you will need to enter it in decimal form, in this case, .009. If you enter it as .9 as one would tend to do, the computer will make the computation assuming that the APR rate is 9% rather than .9%. You must also convert 1% to a decimal, .01.

The Fixed Payment Amount is whatever payment amount is required by your creditor each month, such as, a car payment. If it is a credit card account, enter different "fixed" payment amounts to see what affect different payment amounts would have on paying off the debt. For example, instead of making minimum monthly payments, "what if" you were to pay $200 each month until the account was paid off. What if you paid $250?

For clients enrolled in the Debt Management Program, simply enter the amount of the fixed payment disbursed to the creditor each month.

  Notice: While this calculator was designed to determine liquidation on individual accounts, clients enrolled in a Debt Management Program can use it to determine how long it will take to liquidate all of their accounts enrolled in the program.

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