💳 Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card debt and how much interest you'll pay. See the impact of making extra payments and create a debt-free timeline.
Understanding Credit Card Debt
APR (Annual Percentage Rate): The yearly interest rate on your credit card. The average US credit card APR is around 20% as of 2025. Credit cards compound interest daily or monthly.
Minimum Payment: Typically 2-3% of your balance or $25-35, whichever is greater. Paying only the minimum can take decades to pay off debt and cost thousands in interest.
Impact of Extra Payments: Even small additional payments can significantly reduce your payoff time and total interest. For example, paying an extra $50/month on a $5,000 balance at 19% APR can save you over $1,000 in interest.
Debt Payoff Strategies:
• Avalanche Method: Pay off highest APR cards first to minimize interest
• Snowball Method: Pay off smallest balances first for psychological wins
• Balance Transfer: Consider 0% APR balance transfer cards (watch for transfer fees)
Tips to Accelerate Payoff:
• Pay more than the minimum every month
• Make biweekly payments instead of monthly
• Cut expenses and put savings toward debt
• Stop using the card while paying it off
• Consider a debt consolidation loan if you have multiple cards
Minimum Payment: Typically 2-3% of your balance or $25-35, whichever is greater. Paying only the minimum can take decades to pay off debt and cost thousands in interest.
Impact of Extra Payments: Even small additional payments can significantly reduce your payoff time and total interest. For example, paying an extra $50/month on a $5,000 balance at 19% APR can save you over $1,000 in interest.
Debt Payoff Strategies:
• Avalanche Method: Pay off highest APR cards first to minimize interest
• Snowball Method: Pay off smallest balances first for psychological wins
• Balance Transfer: Consider 0% APR balance transfer cards (watch for transfer fees)
Tips to Accelerate Payoff:
• Pay more than the minimum every month
• Make biweekly payments instead of monthly
• Cut expenses and put savings toward debt
• Stop using the card while paying it off
• Consider a debt consolidation loan if you have multiple cards