Credit Card Debt Calculator

When Living Off Your Credit Card or If You Are Homeless

If you live off your credit card, this calculator can show your growing debt over 24 months.

When you live off a credit card, you use it for basic necessities (e.g. food, rent) and you charge the card the same amount (approximately) every month (e.g. $1000) while paying back each month only the minimum amount required. Some reasons for doing that may be that you are either homeless or facing homelessness.

For each month over a period of 24 months, the tool calculates the following:

  1. Debt is your overall growing debt. This includes the money you have charged your credit card (for purchases), plus interest accumulated, minus the minimum payments you have made.
  2. Overall Purchases is the amount you charge the credit card each month (for purchases) multiplied by the number of months.
  3. Monthly Minimum Payment is your expected minimum payment for that month. You need to make sure you can make these payments or you may suffer penalties from the credit card company.
  4. Overall Minimum Payments is your expected accumulated minimum payments. This amount is important since it lets you prepare and put aside enough money to cover the expected minimum payments for the future (e.g. next five months).
  5. Overall Interest Cost means what part of your overall debt is interest charge. This is basically your current debt plus all the minimum payments you have already made, minus the amounts you have charged the credit card (for purchases). This amount is what you pay the credit card company to use the card as you do.

Please follow the steps below:

1. How much do you charge the credit card each month (approximately)?
Please enter an amount between $100 and $3000
Monthly Purchases: $

2. What is the interest rate of your credit card (also called APR, or annual percentage rate)?
Please enter a number between 10% and 30%
Interest Rate: %

3. How is your minimum payment calculated?
Typical minimum monthly payment is 2-3% of the current balance, or $10, which ever is more. To find how your minimum monthly payment is calculated, look at your credit card statement and divide the "minimum monthly payment" by the "current balance."
Minimum Payment: %