Credit Card Payoff Calculator
Find out how long it takes to pay off your credit card and how much interest you can save by paying more than the minimum payment.
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Why Paying Minimums is Expensive
Credit cards have some of the highest interest rates of any loan type. Paying only the minimum payment can take decades to pay off a balance, and you will pay far more in interest than the original amount you owed.
The Snowball vs Avalanche Method
- Avalanche Method — Pay off the highest-interest card first. Saves the most money mathematically.
- Snowball Method — Pay off the smallest balance first. Provides psychological wins that keep you motivated.
Tips to Pay Off Credit Cards Faster
- Pay more than the minimum every month
- Consider a balance transfer card with 0% APR
- Use the debt avalanche or snowball strategy
- Avoid adding new charges while paying off debt