Credit Card Payoff Calculator
Use WalletHub’s credit card payoff calculator to calculate how long it will take to pay off a balance and how much it will cost. This credit card payoff calculator also recommends good credit cards that could save you money and get you out of debt faster.
Future or Existing Debt
Amount to Charge
Interest Rate (APR)
Payoff within a certain amount of time
- Payoff within a certain amount of time
- Payoff with a fixed monthly payment
Months to Payoff
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.
Maximizing your monthly payments is important if you want to minimize interest charges when paying off credit card debt. As you can see below, the more the average household pays toward their credit card debt each month, the less they’ll pay in interest and the sooner they’ll become debt-free.
Examples of How Long It Will Take to Pay Off $10,000 in Debt
Note: Payoff timeframes assume the average APR among credit card accounts with finance charges: 16.43%.
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