Debt & Credit Calculators
Take control of your debt with our calculators. See how long it takes to pay off credit cards, optimize your credit utilization, and find the best debt payoff strategy for you.
Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card balance and see total interest paid at different payment amounts.
Calculate →Credit Utilization Calculator
Calculate your credit utilization ratio and understand how it affects your credit score.
Calculate →Debt Snowball vs Avalanche
Compare the snowball and avalanche methods to find the best debt repayment strategy for your situation.
Calculate →Understanding Debt Management
Credit Utilization & Your Score
Credit utilization — the percentage of available credit you're using — makes up about 30% of your credit score. Keeping utilization below 30% is good; below 10% is excellent. Our calculator helps you track this important metric.
Snowball vs. Avalanche Method
The debt snowball pays smallest balances first for quick wins and motivation. The debt avalanche targets highest interest rates first to minimize total interest paid. Both work — choose based on your psychology.
Minimum Payments Trap
Paying only minimum payments on credit cards can take decades to pay off the balance. A $5,000 balance at 20% APR with minimum payments could take 20+ years and cost over $8,000 in interest. Always pay more than the minimum.
Good Debt vs. Bad Debt
Not all debt is equal. Mortgages and student loans (low-interest, asset-building) are often considered "good debt." High-interest credit card debt used for consumption is typically "bad debt" that should be paid off quickly.
Frequently Asked Questions
What is credit utilization and why does it matter?
Credit utilization is the percentage of your available credit that you're currently using. If you have a $10,000 credit limit and a $3,000 balance, your utilization is 30%. This factor makes up about 30% of your FICO score. Lower utilization generally means a higher credit score.
Should I use the debt snowball or avalanche method?
If you need quick wins for motivation, use the snowball method (pay smallest debts first). If you want to minimize total interest paid, use the avalanche method (pay highest interest first). Studies show the snowball method has higher success rates because of the psychological boost from early wins.
How can I pay off credit card debt faster?
Key strategies: Pay more than the minimum, use the avalanche or snowball method, consider a balance transfer to a 0% APR card, create a budget to free up extra money, and avoid adding new charges while paying down debt.
Should I close credit cards after paying them off?
Generally, keep cards open after paying them off. Closing cards reduces your available credit, which increases utilization and can lower your credit score. It also reduces the average age of your accounts. Only close cards if they have annual fees you can't justify.