Calculate how long it will take to pay off your credit card debt and discover how extra payments can save you thousands in interest.
Enter your credit card details to calculate your payoff timeline and potential savings.
Pay more than the minimum payment, use the debt avalanche method (pay highest interest rate first), consider balance transfers to lower-rate cards, and avoid adding new debt. Even an extra $25-50 per month can save thousands in interest.
Paying only the minimum extends your payoff time significantly and maximizes interest payments. For example, a $5,000 balance at 18% APR with minimum payments could take 25+ years to pay off and cost over $8,000 in interest.
Generally yes, if you have high-interest credit card debt (15%+ APR) and your savings earn less than that rate. Keep a small emergency fund ($1,000) and use the rest to pay off high-interest debt, then rebuild your emergency fund.
Debt avalanche: Pay minimums on all debts, then put extra money toward the highest interest rate debt first. This saves the most money. Debt snowball: Pay off smallest balances first for psychological wins. Choose the method that keeps you motivated.