Credit Card Payoff Calculator
Find your debt-free date and see how much you can save in interest.
Your Credit Card Debt
You’ll Be Debt-Free In
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Principal Paid
$0
Total Interest Paid
$0
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How to Pay Off Credit Card Debt Faster
Why Credit Card Interest is a Problem
Credit cards are a convenient tool, but they often come with high interest rates (APR). If you only make the minimum payment each month, a large portion of that payment goes straight to interest, and very little goes toward reducing your actual balance. This is how a small debt can take years, or even decades, to pay off. Our Credit Card Payoff Calculator is designed to show you this exact scenario and motivate you to pay more than the minimum.
Using the Credit Card Payoff Calculator
This tool is simple to use but provides powerful insights. Here’s what the results mean:
- Debt-Free Date: The calculator shows you the exact number of years and months it will take to pay off your balance with your current monthly payment.
- Total Interest Paid: This is the most important number. It shows you the total cost of your debt—the amount you pay on top of the original balance.
- Payment Schedule: The schedule breaks down every single payment, showing you how much goes to interest vs. principal. You’ll see how, over time, more of your payment starts to chip away at the balance.
Try it out: Increase your monthly payment by just $25 or $50 in the calculator and see how dramatically it reduces your payoff time and total interest paid!
Frequently Asked Questions
Should I pay more than the minimum on my credit card?
Absolutely. Paying only the minimum is the most expensive way to pay off debt. As our Credit Card Payoff Calculator will show, even small extra payments can save you hundreds or thousands of dollars in interest and get you out of debt years sooner.
What’s a good strategy if I have multiple credit cards?
You can use the Debt Snowball or Debt Avalanche methods. With the Snowball method, you pay off the card with the smallest balance first for a quick win. With the Avalanche method, you pay off the card with the highest interest rate first, which will always save you the most money.