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Credit card repayment calculator: how long will it take to pay off your bills?
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Credit card interest rates have been sky rocketing as everyone struggles in this tanking economy. Millions of people are trying to figure out how they should respond to letters from their credit card companies informing of massive interest rate hikes. Should they "opt out" and close their account to avoid a rate increase? Stay in and pay off the balance? (Click here for more on credit card interest rate increases.)
The FTC just unveiled a credit card calculator to help you make tough budget decisions:
FTC Offers Online Credit Card Calculator
The Federal Trade Commission has posted on its Web site a calculator that gives consumers an estimate of how long it will take them to pay off their credit card balance. Developed by the Federal Reserve Board, the calculator is being provided in connection with the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
Click here to access the calculator.
OTHER FTC SCAM ALERTS AND TIPS:
- How to make sure you get your free credit report from a legit site, click here.
- For 'news you can use' about scam websites and emails claiming you can apply for economic stimulus money.
- What are the top complaints and scams reported to the FTC and where do they happen? Click here.
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