America’s credit card debt rose last year as consumers tried to stay afloat amid high inflation and rising interest rates.
Total credit card debt in the US will rise to $930 billion by the end of 2022, according to TransUnion’s latest quarterly report.
Nearly half of consumers say inflation and rising costs are causing their credit card debt to rise, according to Bankrate’s latest poll. And just over 30% said their debt has increased because interest rates have risen, which can make credit cards more expensive to pay off.
If you’re trying to pay off a loan or plan to take out a new loan, CNBC Make It’s loan calculator can help you estimate your monthly payments, how long it will take to pay off your loan and how much you’ll pay. attracted
It can also give you an idea of how much money you can save by paying more than the minimum every month if you can do it.
For loans with a fixed time horizon, such as personal loans or car loans, enter the loan amount into the calculator, as well as the term length and interest rate.
For credit card debt, enter your credit card balance and interest rate. From there, you can play around with different timelines to see how much your monthly payments will change depending on how long it takes to pay off the loan.
How to start paying off credit card debt
