Credit Card Minimum Payment Warning Calculator

By john | Published: May 16, 2010

You may have noticed the recent addition of the minimum payment warning box on your credit card statement. Overall it sends a pretty powerful message that it will take a long time to pay off your credit cards if you continue to pay the minimum payment.

I have not taken the time to figure how companies determine the alternative payment value, but I did take the time to make an interactive credit card minimum warning payment calculator, which I’ve included below.

For your convenience, I have linked the credit card minimum warning payment calculator on the finance tools page.

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    • http://www.gainmoneycontrol.com/blog/ KP

      Great post John, thanks for sharing your tool. I think that this minimum payment warning is definitely a good thing for consumers.

    • http://www.EbonyThomasFinancial.com Ebony Thomas

      Hello John, I just came accross your blog and think it’s awesome. I am teaching a class at my church on debt and was wondering (from your programming experience) can you share the “formula” for reducing your debt?

    • john

      @Ebony Sure! I am wondering if you can give me an example of what you’re looking for? You are more than welcome to use any of the tools found here. Personally, I decided what to pay based on percentages. I pay the highest-interest first, the lowest interest last.