Start freeCredit card debt cost

Credit card debt cost calculator

Enter your outstanding debt, the APR and what you pay each month, and see what the statement doesn't tell you: how many months you have left and how much you'll pay in interest. Fair warning: with minimum payments, the result hurts. Free and no sign-up.

Expensive debt

The number your statement doesn't show

We simulate month by month: each payment first covers the interest on the outstanding balance and only the rest pays down the debt. That's how revolving credit works — and how it hooks you.

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Now you know what it costs you. Next, put an end date on it

Paying the minimum stretches the debt over years. In mPF you see all your debts together, which one is costing you most and how much you bring the pay-off date forward each time you raise the payment.

Attack that debt with a planRead the guide to getting out of debt

Gratis y sin tarjeta. Se abre en el navegador — también está en iPhone y Android.

01

Why the minimum payment is a mathematical trap

The minimum payment is calculated to make the debt last: with APRs around 20%, a huge part of every payment goes on interest alone, and the capital comes down drop by drop. Paying €90 a month on a €3,000 debt at 20% APR sounds manageable — until you see it would take you over 3 years and cost hundreds of euros in interest. And with lower payments, the sum runs into years and years.

  • The payment covers interest first; what's left pays down
  • Minimum payment = debt designed to last years
  • Raise the payment in the calculator and see how much you save
02

How to get out of a revolving card (in order)

First, stop feeding it: freeze the card for new purchases. Second, ask in writing for the amortisation schedule — you're entitled to it, and you'll see the total cost with your own eyes. Third, if you can, replace it with cheaper debt: a personal loan at a lower rate cancels the revolving and turns an endless debt into one with an end date. And fourth: every spare euro you can, onto the payment.

  • Freeze the card: no new purchases while you clear it
  • Ask for the amortisation schedule in writing
  • Replacing it with a cheaper loan is usually the best move
03

So it doesn't happen again

Card debt almost never arrives through one enormous splurge, but through months of spending a little more than comes in without seeing it. mPF connects your accounts and cards, shows you your debt ratio and warns you when spending drifts — the early warning system that avoids the next revolving card.

  • All your cards and debts on one screen
  • Alerts when the month's spending drifts
  • Your debt-to-income ratio, always in view

Frequently asked questions

What APR does my card have? I can't find it.

It's in your contract and on the monthly statement (sometimes as a nominal rate plus fees; the APR is the total annualised cost). If it isn't clear, ask the provider in writing — they're obliged to give it to you. Revolving cards in Spain have historically sat around 18-25% APR.

Is it true a revolving card can be 'usurious'?

Spanish courts have voided revolving cards for usury when the APR was notably above the normal price of money, forcing repayment of interest. Each case depends on its contract and its date. If your APR is very high, keep your contract and consult a specialist legal service or a consumer association.

Pay off the card or save first?

With APRs around 20%, paying off the card IS the best possible saving: no ordinary account or investment earns you that. Keep only a mini-cushion for surprises (around €1,000) and put everything else on the card. The full order is in our guide to getting out of debt.

Does cancelling the card hurt my credit history?

In Spain there's no 'credit score' like the American one: what counts is having no missed payments. Clearing and closing a revolving card doesn't penalise you; on the contrary, it lowers your debt-to-income ratio, which is what any bank will look at if you apply for a mortgage.

Would you rather start gently?

We'll send you the Financial Order Kit as a PDF: the templates and the checklist to get your accounts in order at your own pace. Free, and without signing up for anything.

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