1. What is this Calculator?

This calculator estimates how long it will take to pay off your Maybank credit card debt in the Philippines based on your current balance, monthly payment, and interest rate.

2. How Does the Calculator Work?

The calculator uses the debt payoff formula:

Where:

• \( P \) — Principal balance (PHP)
• \( D \) — Monthly payment (PHP)
• \( R \) — Monthly interest rate (APR / 12 as decimal)
• \( T \) — Time to payoff (months)

Explanation: The formula calculates how many months it will take to pay off credit card debt given fixed monthly payments and interest rate.

3. Importance of Debt Payoff Calculation

Details: Understanding your debt payoff timeline helps with financial planning and motivates debt repayment strategies.

4. Using the Calculator

Tips: Enter your current Maybank credit card balance in PHP, your planned monthly payment in PHP, and the card's annual interest rate (APR). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What if I can't pay the minimum amount?
A: The calculator won't work if your payment is less than the accrued monthly interest. You'll need to increase payments to pay off debt.

Q2: Does this include late fees or other charges?
A: No, this calculates only based on principal and interest. Additional fees would extend payoff time.

Q3: What's a typical Maybank credit card APR in Philippines?
A: Rates vary but often range from 24% to 36% annually. Check your card agreement for exact rate.

Q4: How can I pay off debt faster?
A: Increase monthly payments, make biweekly payments, or consider balance transfer to lower-rate card.

Q5: Does this work for other credit cards?
A: Yes, the formula works for any credit card with fixed-rate interest and fixed monthly payments.