Lifehacker turned me on to the Federal Reserve Bank Credit Card Repayment Calculator today. If you haven’t already, do take a look. With just a few keystrokes, you can find out how long it will take to pay off your consumer debt, how much interest you will pay over that time period, and what your monthly payments should be to do so. You can tweak the numbers by changing the monthly payment or changing the pay-off time.
I was able to get a personal loan earlier this year that allowed me to free up some of my budget and pay off most of my consumer debt in 36 months, but it wasn’t enough to cover everything. The balance on my remaining credit card is rather steep, and I was beginning to wonder if I’d ever pay it off, but now I know that if I keep plugging away at the monthly payment I’ve been sending, I’ll have it paid off in a little over a year. Whew!