What is a Credit Card Payoff Calculator?
A credit card payoff calculator shows you exactly how long it will take to pay off your debt and how much interest you'll pay. More importantly, it lets you see how paying more each month can dramatically reduce your total interest and payoff time.
Credit card interest rates are brutal—often 20-30% APR. If you only make minimum payments on a $5,000 balance at 24% APR, you'll pay for over 17 years and spend $7,000+ in interest alone. This calculator helps you escape that trap.
See the True Cost
Understand how much interest you'll really pay
Know Your Timeline
Get a clear debt-free date to work toward
Compare Strategies
See how extra payments accelerate debt payoff
Set Payment Goals
Find the right monthly payment for your target date
Why credit card debt is dangerous:
- High interest rates — Average credit card APR is 20-24%, some cards exceed 30%
- Compound interest against you — You pay interest on interest; debt grows exponentially
- Minimum payment trap — Minimums barely cover interest; principal hardly decreases
- Credit score impact — High utilization hurts your score, making future borrowing costlier
Strategies to Pay Off Credit Card Debt Faster
Getting out of credit card debt requires a plan. Here are proven strategies that work:
Avalanche Method (Saves Most Money)
Pay minimums on all cards, then put extra money toward the highest interest rate card first. Once that's paid, attack the next highest rate. Mathematically optimal—saves the most in interest.
Snowball Method (Best for Motivation)
Pay off the smallest balance first, regardless of interest rate. Quick wins create momentum and motivation. Slightly more expensive than avalanche but psychologically effective.
Balance Transfer (0% APR)
Transfer debt to a 0% intro APR card (typically 15-21 months). Every payment goes to principal. Watch for transfer fees (3-5%) and have a payoff plan before the rate jumps.
Debt Consolidation Loan
Personal loan at lower rate (8-15%) to pay off credit cards. Simplifies to one payment, may lower interest. Requires discipline to not rack up new card debt.
Example: $10,000 Debt at 24% APR
| Monthly Payment | Time to Pay Off | Total Interest |
|---|---|---|
| $200 (minimum) | 9+ years | $12,000+ |
| $300 | 4 years | $4,300 |
| $500 | 2 years | $2,200 |
Stop the Bleeding First
While paying off debt: stop using the cards. Cut them up, freeze them in ice, remove from Apple Pay—whatever works. You can't fill a bathtub with the drain open. Every new charge sets you back.