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Credit Card Payoff Calculator: When Will You Be Debt-Free?

Use this credit card payoff calculator to figure out your payment strategy.
June 22, 2018
Paying Off Debt, Personal Finance
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Monthly credit card payments can seem endless. Use this credit card payoff calculator to see when you’ll be debt-free, and how much sooner you can be out of debt by paying more monthly or by using different payment strategies.

Credit card debt payoff calculator

Debt payoff calculator

Debt 1

How to use the credit card calculator

Enter the account name and balance for your various debts. You can use this for only credit card debt, or add other debts like student loans and medical bills for a complete picture.

Put in interest rates and minimum monthly payments. You can find your credit card interest rates and minimum payments on your statements.

» SIGN UP: Get a free plan to ditch your debt

Understanding your results

You can adjust your monthly payments and pick different payment strategies to see the difference in your debt-free date, your interest and total costs.

Make a budget to determine whether you have extra money to add to the minimum payments. That money will accelerate your debt payoff. Use the sliding scale to adjust how much extra money you’ll put toward your debt.
Toggle between the debt snowball and debt avalanche methods to see the difference in interest you’d pay.
You’ll see your current minimum monthly payments and your new monthly payments with the extra money.
This is how much interest you’d pay over the course of your debt payoff. Look at the difference in interest between your current plan and the new plan.
This is the month you’ll be debt-free. The more you pay monthly, the faster you’ll be out of debt.
You’ll see a list of your accounts with principal, total interest and a debt-free date under your current minimum payments and new plan with the extra money toward your debt. This could change depending on the payoff method of debt avalanche or debt snowball.

 

How to handle credit card debt

The best way to manage your credit card debt depends on how much you have, and how your debt stacks up to your income.

The following debt-to-income ratio categories can help you determine how best to handle your debt:

Paying your debt should be affordable with your income. DIY methods like debt snowballand debt avalanche can help you stay on track.
Consider financial tools to help you manage your debt.

For borrowers with good to excellent credit, a 0% balance transfer credit card or a personal loan could be good options. A debt management plan from a nonprofit credit counseling agency could also work.

Your debt load may be too great to handle on your own without sacrificing other financial goals, like saving for retirement or paying a mortgage. Consider debt relief.

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