Credit Card Payoff Calculator
See how long it takes to pay off your credit card at minimum payment vs aggressive payoff. Total interest matters more than monthly payment.
FAQs
How long to pay off credit card with minimum payment?
Brutal. Most credit card minimums are ~2-3% of balance, just barely covering interest. A $5,000 balance at 22% APR with 2.5% minimum payment takes about 25 years to pay off, with $11,000+ in total interest. Minimum payments are designed to keep you in debt.
How can I pay off credit cards faster?
Three proven methods. (1) Pay MORE than the minimum — even $50 extra/month makes massive difference. (2) Snowball or avalanche method (target one card at a time with extra payments). (3) Balance transfer to a 0% APR card (12-21 month promotional periods). (4) Personal loan at lower rate (7-15%) to consolidate.
What's the 0% balance transfer trick?
Apply for a card offering 0% APR on balance transfers for 12-21 months (typical promotion). Pay a 3-5% transfer fee. Get all the runway with NO interest accruing. Pay down aggressively during the promo period. Risk: if you don't pay off during promo, the rate jumps to 20%+ when promo ends.
Should I close paid-off credit cards?
Usually NO. Closing reduces total available credit (raises your utilization rate), drops your average credit history age, and can lower your credit score 5-30 points temporarily. Exception: close cards with annual fees if you're not using them. Otherwise, leave them open with $0 balance — they help your credit score.
Will paying off credit card debt help my credit score?
Significantly. Credit utilization is 30% of your FICO score. Lowering utilization (paying down balances) almost immediately raises your score. Specifically: keep utilization under 30% per card AND overall. Under 10% is best. Going from 80% utilization to 20% can raise your score 50-100 points.