Credit Card Payoff Calculator
- Payoff within a certain amount of time
- Payoff with a fixed monthly payment
By making monthly payments of $15,000, it will take you 3 months to pay off your credit card balance of $40,000. Your total interest cost will be $474. This assumes you do not make any additional charges during this period.
|Monthly Payments||Total Savings||Months to Payoff|
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Tips for How to Pay Off Debt & Save on Interest
- Catch Up on Past-Due Bills. Bringing your payment status to current on all of your credit card accounts will ensure that your credit score does not suffer further damage. It may reduce the interest rate that’s applied to your balance as well.
- Build an Emergency Fund. Building even a small cash reserve is important before you truly begin focusing on debt repayment because it gives you something to fall back on in case something goes wrong, preventing you from backsliding into debt after all your effort to get out of it.
- Make a Budget. This budget should reduce spending on non-necessities and maximize monthly debt payments. You should make this budget in consultation with a credit card calculator to ensure you’re debt-free in a reasonable amount of time.
- Consider a Balance Transfer Credit Card or Debt Consolidation Loan. If you have a good or excellent credit score, there’s a good chance that a 0% balance transfer credit card or a personal loan for debt consolidation will save you money and help you get out of debt sooner. People with lower scores may not be able to qualify for attractive enough terms, unfortunately.
- Focus on the Most Expensive Balances First. If you owe multiple balances, allocate the lion’s share of your monthly debt payment to the balance with the highest interest rate, while making the minimum required payment on the others. Once the costliest debt is paid off, repeat the process with the next-most-expensive one, and continue until debt-free.
Examples of How Long It Will Take to Pay Off $10,000 in Debt
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