American credit card debt spike last year as consumers try to stay afloat amid high inflation and rising interest rates.
Total credit card debt in the US has grown to a record $930 billion by the end of 2022, according to TransUnion’s latest quarterly report.
Nearly half of consumers say rising inflation and costs are driving their credit card debt up. Bankrate’s latest poll. And just over 30% say their debt has increased due to rising interest rates, which can make credit cards worse more expensive to pay off.
If you’re trying to pay off your debt or are planning to take on new debt, CNBC Make It’s loan calculator can help you estimate your monthly payments, how long it will take to pay off your debt. and the amount you will pay in interest.
It can also give you an idea of how much you can save by paying more than the minimum each month if you can afford to do so.
For fixed-term loans, such as a personal loan or a car loan, enter the full amount of the loan into the calculator, as well as the term and interest rate.
For credit card debt, enter your credit card balance and interest rate. From there, you can look at different timelines to see how much your monthly payment will change depending on how long it takes to pay off your debt.
How to start paying off credit card debt
