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
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.
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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.
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:
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.