Credit Card Payoff Calculator
Find out how long it will take to pay off your credit card and how much interest you'll pay.
Frequently Asked Questions
Why does credit card debt grow so fast?▾
Credit cards charge compound interest on your remaining balance, typically at 18-29% APR. If you only pay the minimum (usually 1-3% of balance), most of your payment goes to interest and it can take decades to pay off even a modest balance.
What's the fastest way to pay off credit card debt?▾
Pay as much as possible above the minimum. Consider the avalanche method (pay highest interest rate first) or snowball method (pay smallest balance first for motivation). Balance transfer cards with 0% intro APR can also help if you can pay it off during the promo period.
How much should I pay on my credit card each month?▾
Always pay more than the minimum. A good rule: pay at least 2-3x the minimum payment. If your balance is $5,000 at 22% APR, paying $200/month vs. the $100 minimum saves you over $4,000 in interest and gets you debt-free 15+ years sooner.