Need a Credit Card Debt Calculator?

Do you need a credit card debt calculator just to figure out whether you can even pay back your cards? Many people are bewildered by the way card companies disclose interest rates.
With the new Obama Credit Card Bill, card companies are taking advantage and raising interest rates to obscene levels, even as much as 30% or more.
The companies are also eliminating or severely cutting back on credit limits, the amount you can borrow, trying to reduce their exposure.
These actions are following years in which credit companies actively solicited people to borrow unsecured debt, including senior citizens and teenagers who should never have been offered such lines of credit.
Imagine graduating from college not only with student loans but massive credit card debt that will suck the future income of the new graduate.
One would think that card companies would attempt to work with the borrowers so that they could pay back the credit card rather than forcing them into default and attempting to forcibly collect the debt.
Banks, of course, get bailed out by the government but where is the bailout for the individual when the bank comes calling to collect on the debt.
It simply does not pass through to the individual.
The individual is held to a different standard by the bank.
There are resources available that will help you figure out how to pay off cards.
Here are two calculators that are available free on the internet so you can do it yourself.
http://www.
federalreserve.
gov/creditcardcalculator/ http://www.
ftc.
gov/creditcardcalculator If you do a calculation of a debt payoff of $30,000 with an interest rate at 27.
9%.
The calculator will probably report: Based on the information you provided and assumptions that we used to calculate the time to repay your balance, we estimate that you will never pay off your credit card balance if you only make the minimum payment because your payment is less than the interest charged each month.
If you find yourself in a situation where you need a credit card debt calculator, get professional help.
Do not try to resolve the situation without experienced help.
Be careful when selecting a debt negotiator or attorney to represent you to make sure that they have the experience necessary to resolve your situation.