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Payoff Calculator
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Does Debt Management Affect Your Credit?
How Your Payment
is Calculated

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Payoff Calculator

Debt Management rates and minimium payment requirements are established by the creditors not the Debt Management firm. This page is designed to allow you to use the minimum percentage requirement of your balance and the interest rate you are paying now along with the interest rates that the major creditors offer under Debt Management Plans to see the difference in payoff times for your credit cards. The major credit card companies change their interest rates from time to time so we will keep this calculation tool updated for you. Although we handle thousands of creditors in our program only some of the more common ones are listed below, one of our debt management consultants can provide the minimum balance and reduced rate to you if one or more of your accounts are not listed.

To use the Calculator at the bottom of this page, multiply your balances by the creditors minimum. For example Chase Balance $5000 x .02= $100 minimum payment. Enter your minimum payment, the interest rate you are paying now and the interest rate that the creditor offers under Debt Management Plans and see your savings.

Bank Min % of Balance - Payment Program Interest Rate
Citibank 2.3% 9.9%
Chase 2% 6% (consumer friendly)
Discover 2.2% 6.9%
MBNA/B of A 1.8% 0% - 15.9% depending on circumstances (consumer friendly)
Bank of America* 1.8% Now under MBNA guidelines 0% to 15.9% (consumer friendly)
Wells Fargo* 2.25% 7.3% (consumer friendly)
Direct Merchants (HSBC) 2.25% 9% (consumer friendly)
Capital One 2% 7.4% (consumer friendly)
American Express 2.2% 9.9% (When accepted. Very problematic)
GM Card 2.25% 9%
Associates 2.23% 9.9%
Macy's 3% 8%
Household/HSBC 2.25% 9%
HFC Loans 75% of contractual monthly payment 9%
American General Loans Contractual Payment Varies by Branch
Sams Club (GE) 2.5% -.25% of existing rate
Sears/Citibank 2.3% 9.9%
Lowes (GE) 2.5% -.25% of existing rate
Juniper/Barclays Bank 2% 5.9% (consumer friendly)

Note: The above is a representative list of typical creditors, we handle thousands of creditors, many that are not listed above. Those that are listed are just some of the more common accounts that people tend to have.

Calculator

In the form below fill in your current credit card balances along with the interest rate you have now, and the rate from the chart above that you would have under a debt management plan. For your minimum payment just multiply your balance X the percentage on the chart for each creditor.

Account Balance Payment
Interest Rate
Current Reduced
1) $ $ % %
2) $ $ % %
3) $ $ % %
4) $ $ % %
5) $ $ % %
6) $ $ % %
7) $ $ % %
8) $ $ % %
9) $ $ % %
10) $ $ % %
11) $ $ % %
12) $ $ % %
13) $ $ % %
14) $ $ % %
15) $ $ % %



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