John Maeda has created a online calculator to make himself more understand on how the credit card payment works. If you have data on APR, minimum monthly payment, principal and monthly payment it will create a table of calendar for you on the how much you have pay and owe per year:
I’ve had a problem understanding credit cards since the first time I was offered one in college. The idea sounds great. You have access to almost infinite money. Furthermore you are told that you have to be in debt in order to have a good credit report later on when you might want to buy a car or house. A major problem in the US now is the ability for many people to pay off their credit card debt. I looked online for some way to better understand how this all works, and wrote this simple little system to have an ‘aha’ moment. I hope it is useful to you.
Simplifying credit card debt – [Maeda Studio]