Andreas Lauschke Consulting

Consumer Finance Applications

Credit Card Pay Schedule using only Minimum Payments

The new credit card reform in the US will take effect July 1st, 2010. Basically, credit card issuers must require higher minimum payments to shorten the customer's payback time when only minimum payments are done. This webMathematica application computes a payment schedule for given credit card loan parameters and provides a comparison of the payback times for a set of different minimum payment amounts.

To ensure the credit card loan *can* be repaid at some time, the minimum payment switches from the minimum payment percentage (applied to the outstanding balance) to a fixed minimum payment amount, when this percentage-based minimum payment is lower than the minimum payment amount.

Minimum Payment Percentage:
Minimum Payment Amount:

Comparison Table:

Payment Schedule:

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