Credit Card Payoff Calculator
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%
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Months to Pay Off34
Total Interest$1,749.88
Total Paid$6,749.88
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Credit card interest compounds on your daily average balance. This calculator assumes fixed monthly payments. Your payment must exceed the first month's interest charge — otherwise the balance will never decrease.
Jane Smith, CFPCFP®
Reviewed 2025-01-15 · View methodology
Frequently Asked Questions
Why does it take so long to pay off a credit card?
High interest rates (often 20–29% APR) mean a significant portion of each payment goes toward interest rather than principal. Making only minimum payments can result in decades of debt on a moderate balance.
What is the avalanche vs. snowball debt payoff method?
Avalanche: put extra payments toward the highest-rate card first — minimizes total interest. Snowball: pay the smallest balance first — provides psychological wins. Avalanche saves more money; snowball can help with motivation.
Should I consider a balance transfer?
Balance transfer cards with 0% intro APR (typically 12–21 months) can save significant interest if you can pay off the balance before the promotional period ends. Watch for transfer fees (usually 3–5%).
What is a good credit card payment strategy?
Pay more than the minimum every month. Even an extra $50/month can cut years off repayment. Ideally, pay the full statement balance each month to avoid interest entirely.
How does credit card interest compound?
Most credit cards compound interest daily. The daily periodic rate (APR ÷ 365) is applied to your average daily balance each day, making high-rate cards particularly expensive to carry a balance on.
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