How Much Is It Costing to Use My Credit Card?

The Federal Reserve has created an online calculator to help consumers "identify the true cost of credit cards." This service helps us understand how much it costs in interest and principal to carry a balance on our credit cards.

You enter your credit card balance and the interest rate on your cards, and the calculator determines the total amount of interest you pay and how long it takes to pay off IF YOU ONLY PAY THE MINIMUM the credit card company requires.

The calculator is available by following this link. The same service is available in English and Spanish via touchtone telephone (toll-free) at 888.445.4801.

from the Community Affairs Dept. of the Federal Reserve Bank of Minnesota