01
The Danger of Credit Card Interest
Credit card interest rates are typically very high at 15-25%. Paying only the minimum can take years to clear your balance.
💳 Credit Card Payoff Calculator
Find out how long it will take to pay off your credit card and how much interest you'll pay.
Card Details
Payoff Time
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Total Interest —
Total Paid —
Minimum Payment —
Savings
Interest saved vs paying the minimum —
Time Saved —
💡 Key Tip — Paying more than the minimum each month pays off your debt faster and greatly reduces the interest you pay.
Learn more
02
The Avalanche Method
Focusing extra payments on the card with the highest interest rate first reduces your total interest cost.
03
Balance Transfer
Transferring your balance to a 0% interest promotional card can reduce your interest burden.
04
Use Windfall Income
When you receive extra income such as bonuses or tax refunds, use it to pay down card debt first.
05
Managing Your Credit Score
Reducing card debt lowers your credit utilisation, which improves your credit score.
06
Financial Counselling
If your debt becomes unmanageable, use a free financial counselling service.
Multi-debt payoff strategy comparison
Compare fixed-payment snowball, avalanche, and a hypothetical consolidation loan without using current lender rates or recommending a product.
| Debt name | Balance | APR % | Fixed minimum | Action |
|---|
Scenario comparison
| Scenario | Monthly outlay | Payoff | Total interest | Fees | Total paid |
|---|
Payoff order
Monthly schedule
| Month | Target | Payment | Interest | Balance after payment |
|---|
The on-screen table shows the first 24 months and final month. CSV export includes every simulated month.
Assumptions, worked example, and source
- APR is divided by 12, interest accrues monthly, no new purchases occur, and each minimum is a fixed amount rather than a lender-recalculated percentage.
- Snowball targets the lowest current balance; avalanche targets the highest APR. Both keep the same total monthly budget and roll freed payments to the next debt.
- Consolidation uses its own contractual payment for the entered term and finances the entered fee. It may have a different monthly outlay, so compare cash flow as well as total cost.
- No current lender rate or product recommendation is supplied. Eligibility, tax, credit-score effects, promotions, penalties, and changing minimums are outside this estimate.
- The default worked example uses three balances and one monthly budget. Replace every value with statement data; results are estimates, not credit or product advice.
Consumer authority debt reference for this country · Method reviewed 2026-07-30.
Frequently asked questions
How should I choose my monthly payment amount?
Paying more than your card issuer's minimum payment shortens your payoff time and reduces the total interest you pay. Entering only the minimum payment can produce a very long payoff period.
Where do I find my APR?
Your card statement or issuer's website will show the Annual Percentage Rate (APR). Use the most recent value for an accurate result.
What happens if my payment is lower than the interest charged?
If your monthly payment is less than the interest accruing each month, the balance won't shrink and may even grow, so the calculator may show the debt can't be paid off.
How do I handle multiple credit cards?
This calculator works on one card at a time. If you have several cards, calculate each separately and prioritise paying off the card with the highest interest rate first.
What is the savings figure comparing against?
It compares paying off the balance with your entered monthly payment against paying only the minimum, showing the interest saved and time shaved off.