Credit Card Calculator

Interest rates on Credit Cards (usually around 15% - 20%+ per year) are neither the cheapest nor most expensive finance options, AND, if you take a long time to pay off a credit card, your interest bill really adds up. Paying just the 'monthly minimum' payments will cost you the most.

Before you use your credit card to pay, you can work out how long it will take or how hard it will be to pay off, by using this Credit Card Calculator on the ASIC MoneySmart website.

The calculator shows you:

• The total cost and time to pay off your credit card paying the 'minimum monthly amount'

compared to

• The potential savings by making higher repayments of various amounts.

There are even some great tips to action too, such as:

• How to budget for your repayments
• The benefit of setting up a Direct Debit
• How to handle multiple credit cards.

Better Place Australia free financial counselling

Better Place Australia free financial counselling and mediation services are available to people who have money troubles and live in one of the many government funded areas across Victoria. First step is to enquire online or request an appointment.

For more real stories about people with financial troubles and how Better Place Australia financial counsellors mediated for them, go to the Financial First Aid home page and scroll down to Real Stories.