(PRWEB) August 25, 2012
Golden Financial Services released their new Credit Card Debt Reduction Calculator Tool.
With approximately “609 million credit cards held by U.S. consumers”, utilizing a credit card calculator minimum payment tool can be a valuable resource. (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010)
Using a credit card calculator can save a person thousands of dollars because a credit card calculator payment tool allows consumers to see how long it will take for them to pay off credit cards based on the payment they are making each month. When using an interest rate credit card calculator, a consumer can also see how much interest they are paying in total, on top of the principle. This calculator also allows consumers to adjust their payment, where consumers can learn how to pay less money towards interest.
Here is an example:
- Based on $50,000.00 of unsecured debt
- With an average interest rate of 20%
- With minimum payments being made each month ($1,150.00 Total Monthly Payment)
- The credit card calculator monthly payment tool says that it will take 79 payments, adding up to $90,850.00 to pay off $50,000.00 in unsecured debt
- That means $39726.79 of which is interest
- At a payment of $1,300.00 monthly, instead of paying $1,150.00 monthly towards $50,000.00 of unsecured debt, according to the credit card calculator monthly payment tool, $9,151.16 can be saved in interest.
Keith Whitehead, manager at Golden Financial Services said “a credit card calculator allows a person to develop a plan that will help them with paying off their credit cards in a reasonable time-frame."
The Golden Financial Services credit card debt payoff calculator tool allows consumers to see how much money they will end up paying when staying current on accounts, with debt settlement services and consumer credit counseling.
Paul Paquin, CEO at Golden Financial Services said “it’s time for all consumers to develop a plan that works in order to pay off credit cards or at least keep the balance low. If consumers cannot pay off their debt by paying more than minimum payments, then it may be a good idea to research credit card relief programs.
Some consumers may have a hardship where continuing to make minimum payments over the next 7-15 years is not an option. To reduce debt through a hardship program is also an option for certain consumers that qualify based on their situation and the state they live.