Credit Card Calculator
0 months to pay off
Why Credit Card Debt Is So Hard to Escape
Credit cards typically carry much higher interest rates than mortgages or auto loans, and interest compounds monthly. If your payment barely covers the interest charged each month, your balance can stay flat — or even grow — for years despite making payments on time.
Minimum Payments vs a Fixed Payment
Card issuers usually calculate your minimum payment as a small percentage of your balance, which shrinks as your balance shrinks — stretching payoff out for decades on a large balance. Committing to a fixed dollar amount instead, as this calculator assumes, pays off the balance dramatically faster.
Have More Than One Card?
If you're juggling multiple balances, the debt payoff calculator shows how the snowball method can pay off several debts faster than tackling them one at a time with no strategy.
Frequently Asked Questions
Why does my balance barely move with minimum payments?
Minimum payments are often calculated as a small percentage of your balance, and much of each payment goes toward interest rather than principal.
Is it better to pay more than the minimum?
Yes. A larger fixed payment reduces your balance faster, which lowers the interest charged each month and dramatically shortens payoff time.