How A Free App to Evaluate Credit Card Debt Can Help You Make Better Financial Decisions
Many of us struggle to pay off credit card debt, especially since it just seems to grow without ending. Even when you make the minimum monthly payment, the debt never seems to decrease. What if there was an app that could show the consequences for charging certain items and amounts, and how long it would take to pay off those charges?
According to AZ Family, Antonio Ferris, a 15-year-old teen from Mesa, Arizona, is helping those struggling with debt relief with his new free app to evaluate credit card debt. Called the Cost of Credit Calculator, the app helps you decide whether to pay for an item in cash or with a credit card by showing how the purchase could impact your minimum payments. The simple app asks you how much the item costs and then calculates the true cost of the item according to your APR settings and monthly minimum credit card payment. The app then tells you how long it would take to pay off the item, and how much the item will cost over time after paying interest.
The genius part of the app is when you choose to pay $10 extra per month on your principal: the app then shows you how far that $10 goes in reducing your overall cost, shortening the time spent paying the item down. Overall, the app is a great tool to help deal with credit card debt by allowing credit card users to really see how much interest can be reduced with just a few extra payments.
The app is free on Google Play because Ferris wanted the tool to be widely available and help others get out of debt. Al in all, this app is a great way to combat bankruptcy and get debt relief by helping us make wiser decisions before increasing our credit card debt. To learn more strategies for dealing with debt, contact us.