Wednesday, September 11, 2013
My Calculators: This site has many calculators: loans, savings and investment, rate-yield, 401(k), annuitizations plus more.
The United States Federal Reserve has an online estimating program that will tell you how long it will take to pay off credit card balances HERE.
CNET has a nice Debt Reduction Calculator for Excel HERE. This debt management tool allows users to manage debts using built-in formulas that automatically calculate the total amount owed and total interest paid. The Debt Management Calculator has three tabs at the bottom of the spreadsheet: Calculator, Payment Schedule, and Chart. The program explains different methods of managing debt, namely the "snowball" or "avalanche" methods. The "snowball" method advises the user to pay the debt with the lowest balance faster, where the "avalanche" method advises the user to pay the debt with the highest interest faster. There is a strategy bar that allows you to choose either method to manage debts, or set up custom options. Clicking on the Payment Schedule tab showed us how much the monthly payments would be, and how long it will take to pay off the total amount of debt. The Chart tab presents a visual display of how his interest will decrease over time. This program is free and easy to install and uninstall.
Capital One is accused of using a "bait and switch" tactic with a zero percent annual percentage rate offer by luring cardholders to accept the balance transfers then slamming them with interest charges on new purchases from the day they are posted with complicated accounting maneuvers, according to a lawsuit hoping to gain class action status. MORE
Additional warnings HERE
My advice: when you get those zero percent annual percentage rate offers on balance transfers from any credit card company, THROW THEM AWAY!