Credit Card Payoff Calculator
Determine months required to eliminate credit card debt balance and total interest paid.
Payoff Timeline
Frequently asked questions
How to pay off credit card debt faster?
Paying more than the minimum monthly payment significantly reduces interest charges and accelerates debt payoff time.
Why does paying only the minimum take so long?
Minimums are typically 1-3% of the balance, much of which goes to interest at rates often above 20%. A $5,000 balance at 22% with a 2% minimum takes over 20 years and costs more in interest than the original balance. Because the minimum shrinks as the balance does, progress decelerates exactly when you need it not to.
Should I use the avalanche or snowball method?
Avalanche - highest interest rate first - minimises total interest and is mathematically optimal. Snowball - smallest balance first - produces quicker wins and better adherence for many people. Studies of real repayment behaviour suggest snowball's motivational effect often outweighs avalanche's arithmetic advantage, so the one you will finish is the right one.
Is a balance transfer worth it?
It can be, if you will clear the balance within the promotional window. Weigh the transfer fee, typically 3-5%, against the interest saved, and note that the rate reverts sharply at the end of the promotion. A transfer only helps if it is paired with stopping new spending on the card.