Credit Card Payoff Calculator
Calculate your credit card debt payoff
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Credit Card Payoff Result
Credit Card Payoff Formula
Monthly Interest = Balance × (APR / 12)
Months = -log(1 - (r×P)/M) / log(1+r)
Total Interest = (M × n) - P
Minimum Payment = max(2-3% of balance, $25-$35)
Credit cards often have high interest rates. Paying more than the minimum can save thousands in interest.
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Credit card interest is compounded daily. This calculator uses monthly compounding for simplicity.
Credit Card Debt Facts
Understanding credit card debt can help you make better financial decisions:
High Interest Rates
Average credit card APR is 15-25%, much higher than other debt.
Minimum Payments Trap
Paying only minimum can take decades and cost 2-3x the original balance.
Daily Compounding
Interest is calculated daily, increasing your balance daily.
Credit Score Impact
High credit utilization (over 30%) can lower your credit score.
Example: $5,000 balance at 18% APR. $200/month payment = ~31 months (~2.5 years). Total interest = ~$1,150.
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Credit Cards
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Financial Planning
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Frequently Asked Questions
How long to pay off credit card?▼
Depends on balance, interest rate, and monthly payment. Use this calculator to find exact time. Minimum payments can take decades.
What is minimum payment?▼
Typically 2-3% of balance or $25-$35, whichever is higher. Minimum payments barely cover interest, extending repayment.
How to pay credit card faster?▼
Pay more than minimum, use balance transfer cards, consolidate debt, cut expenses, and avoid new charges.
Is it better to pay off credit card or save?▼
Credit card interest rates (15-25%) usually exceed savings rates. Pay off high-interest cards before saving beyond emergency fund.
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