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| Credit cards |
| Enter a total credit card debt
and an average interest rate, or press the details button
to enter up to 10 credit card accounts, one on each line. |
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| Auto loans |
| Click on the details button
to enter any auto loans you may have. The details page
is designed to let you enter your current monthly payment,
the term (in months), the starting balance and the number
of months you have left. It then calculates your outstanding
balance and interest rate. You can enter up to three installment
loans. |
|
| Other loans |
| Click on the details button
to enter any additional installment loans you may have.
The details page is designed to let you enter your current
monthly payment, the term (in months), the starting balance
and the number of months you have left. It then calculates
your outstanding balance and interest rate. You can enter
up to six installment loans. |
|
| Balances |
| Your total current balances
for your credit cards, auto loans and other loans. |
|
| Interest rates |
| The average annual percentage
rate you pay. This interest rate is calculated for each
of the categories of debt you have including credit cards,
auto loans and other installment loans. For credit cards
the rate you enter is used to calculate the interest on
all future credit card payments. The length of time to
pay off this credit card may be much greater than calculated
if you enter a low promotional interest rate that is only
good for a short period of time. |
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| Payment |
| This is your initial monthly
payment. For credit cards, if you checked the "use credit
card minimum payments" box, your monthly payment is calculated
as 2% of your current outstanding balance. With the "use
credit card minimum payments" box checked, your monthly
payment will decrease as your balance is paid down. This
can greatly increase the length of time it takes to pay
off your credit cards. Uncheck this box to enter your
own monthly payment that will remain the same until your
balance is paid in full.
(We calculate your minimum monthly payment as 2% of
your current outstanding balance. While your actual
minimum monthly payment may be slightly different, this
is one of the most common methods used by credit card
companies to calculate minimum payments.)
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