Credit Cards Payoff Calculator
Calculate how long it will take to pay off your credit cards and how much interest you'll pay. Optimize your debt repayment strategy.
Your Credit Card Details
Payoff Results
| Card | Payoff Time | Interest Paid | Total Paid |
|---|
Enter your credit card details and click "Calculate Payoff" to see your repayment plan.
Frequently Asked Questions
The Avalanche method focuses on paying off debts with the highest interest rates first, which saves you the most money on interest over time. The Snowball method focuses on paying off the smallest balances first, which can provide psychological motivation as you eliminate debts more quickly.
This calculator provides estimates based on the information you provide. It assumes fixed interest rates and consistent monthly payments. Actual results may vary slightly due to factors like changing interest rates or payment dates.
Absolutely. Paying only the minimum payment will result in paying significantly more interest over a longer period. Even small additional payments can dramatically reduce your payoff time and total interest paid.
Strategies include:
- Making more than the minimum payment
- Using either the Avalanche or Snowball method
- Reducing expenses and allocating savings to debt
- Considering a balance transfer to a lower-interest card
- Increasing your income through side jobs