Credit Card Payoff Calculator
Find out how long it will take to pay off your credit card debt and how much interest you'll pay. Discover strategies to become debt-free faster and save money.
Debt Details
Typical credit card rates range from 15% to 25%
Minimum payment is typically 2-3% of balance
Payoff Summary
Enter your debt details and click "Calculate Payoff Plan" to see results.
How Credit Card Payoff Works
Credit card debt can be expensive due to high interest rates. This calculator helps you understand how long it will take to pay off your debt and how much interest you'll pay based on your monthly payment amount.
Key Factors
- Current Balance: The amount you currently owe
- Interest Rate: The annual percentage rate (APR) on your card
- Monthly Payment: How much you can afford to pay each month
Tips to Pay Off Debt Faster
- Pay more than the minimum payment whenever possible
- Consider a balance transfer to a lower interest rate card
- Look for cards with 0% introductory APR offers
- Make bi-weekly payments instead of monthly
- Use windfalls (tax refunds, bonuses) to make extra payments
- Consider debt consolidation loans with lower rates
Understanding the Results
- Time to Payoff: How long it will take to pay off the debt completely
- Total Interest: The total amount of interest you'll pay over the life of the debt
- Total Paid: The total amount you'll pay (principal + interest)
This calculator assumes you make the same payment each month and don't add new charges. For the most accurate results, use your actual credit card terms and payment capabilities.