Credit Card Holiday Spending Payoff Calculator
Chances are you already have a balance on your credit cards and the holiday buying season is just beginning! Many people find themselves with the post holiday blues at the beginning of the year because of the high amount of credit card debt they now have to pay off.
This payoff calculator can help you determine the impact of your credit card spending this holiday season. If you have multiple credit cards make sure to run the estimates for each card.
First, use the calculator to determine the amount of time it will take you to pay off your current debt so you know the financial situation you are already in.
Next, add the amount of your holiday spending budget you will put on each credit card to your current balance. This will give you the projected balance of your credit cards at the end of the year. For example, if your current balance is $2500 and you are budgeting to spend $2500 then your projected balance will be $5000.
Use the projected balance for each credit card as your amount of credit card debt and see what your credit card debt situation will be like at the beginning of the year. Make sure to look at all of your credit cards!
Keep in mind, the results of the calculator assume you will not add any additional credit card charges to your credit card until it is paid off. If you do intend to keep using the card realize that your payoff timeline will get even longer.
The sobering reality may help you spend more wisely during the holiday season so you can beat those post holiday blues!