Credit Card Ouch


The true cost of using a credit card is rarely visible to the user. So, here is a spreadsheet that follows all the details month-by-month as you pay down a credit while not making any new purchases on it. The remaining balance, the last month interest cost, and the cumulative interest cost are displayed each month. This allows you to see the pain on a month-by-month basis until it ends. You enter your numbers. It shows the results. IT DOES ALL THE MATH FOR YOU!!!

You can change payment rate, interest rate and immediately see the effects. This is very useful for making decisions on how to most effectively pay off the card, or to transfer to a card with lower interest rates.

The example in this sample spreadsheet is as follows:

The person has a card account with an Initial (Starting) Balance of $1,000, entered in cell (D11), at an annual interest rate of 20.00%, entered in cell (F11) - from Credit Card bill. The spreadsheet the monthly interest rate in cell (E11), and the Minimum Monthly Payment, cell (H11) - that payment that will NOT change the Balance. So, they plan to pay it off at $20.00 a month, entered in cell (G11).

After scrolling down quit a bit we find the words "PAID, PAID, PAID", in cell ( I111). It it takes a bit over 96 months cell (J111), 8 years cell (K111), to pay it off. The total interest is $908.83 cell (G111): That is 90.88%, cell (H111), of the Initial Balance.

Please contact me with your comments, critiques; criticisms and complaints are most needed and wanted. Thanks



Credit Card Ouch Description (pdf   370KB)

Download Instructions for Spreadsheet files ( pdf  38KB)

Credit Card Ouch xls Example

Credit Card Ouch xls Blank



Updated Dec252008