Credit Card Payoff Calculator

Calculate how long it will take to pay off your credit card and how much interest you'll pay with different payment strategies.

Understanding Credit Card Debt

⚠️ The Minimum Payment Trap

Paying only the minimum (usually 2-3% of balance) can take decades to pay off debt and cost thousands in interest. Even small extra payments make a huge difference.

💡 How Credit Card Interest Works

Credit cards charge interest daily based on your APR. The average credit card APR is around 20%, meaning you're paying about $167/month in interest on a $10,000 balance.

🎯 Debt Payoff Strategies

Avalanche Method: Pay highest interest rate first.

Snowball Method: Pay smallest balance first for psychological wins.

💰 Tips to Pay Off Faster

  • Pay more than the minimum every month
  • Make bi-weekly payments instead of monthly
  • Transfer to a 0% APR balance transfer card
  • Stop using the card until it's paid off
  • Set up automatic payments