Credit Card Repayment Calculator

matthewe

Hello,

1st time post so be gentle

I want a detailed credit card repayment calculator, i want to be able to enter -

Starting balance
What I have spent that month
What I have repaid
Closing balance

I want to start to get my balance down and want to plan out the next couple of months.

Cheers

grumbler

If you really want to get it down, then stop spending on it.
For this there are many calculators, e.g. Repayment Calc

Otherwise, I guess, you have to DIY in Excel as the interest is calculated on daily basis and the balance will change every time you 'spend'.

redux

The statement gives you all that info anyway, so I can't quite see what extra calculation you might want to do with it.

Two ways to get it down: spend less, pay back more.

matthewe

Had to do an Excel job but still not got it how i want it, i wanted to do extra as - i will spend £200 a month every month on this but pay back £200 a month, there is no interest for the first 3 months so wanted to calculate this plus my payments to get the debt down also. the online calculators are pretty naff to be fair.

cheers

grumbler

If there is no interest it's a basic primary school maths that you don't need any calculator or Excel for.

Balance + spent - paid

If you spend £200 and pay back £200 your plant "to get balance down" will obviously fail.

matthewe

Wow.... Im amazed anyone could have misunderstood what i wanted but well done Grumbler.... You did it!!!

eskbanker

matthewe wrote: »

Wow.... Im amazed anyone could have misunderstood what i wanted but well done Grumbler.... You did it!!!

To be fair to grumbler, you haven't exactly been inundated with people who have managed to understand what you wanted - I have to say that it's not clear to me either, what exactly is it about the 'naff' online calculators or your own Excel sheet that doesn't meet your needs?

When you say "i will spend £200 a month every month on this but pay back £200 a month" do you perhaps mean you're aiming to reduce the outstanding balance by a net £200 each month and are trying to work out how much you'd need to pay to achieve this (i.e. £400 plus variable interest according to residual balance and spending pattern during the month), as opposed to simply paying back what you spend?