Credit Card Payoff Calculator

This credit card payoff calculator figures how long to get out of debt and how much interest you will pay. You can choose to make fixed percentage payments, minimum monthly payments, or fixed dollar payments. Try various combinations to see how fast you can pay off your credit card debt.

When you find the plan that is right for you make sure to use the printable amortization schedule so that you have a permanent record to keep.

Finally, if this free calculator helps you then please share with a "like", tweet, or +1. Thanks for your support.

Credit Card Balance Owed:
Annual Interest Rate (APR %):
Minimum Payment Percentage:
Fixed Payment You Could Make Each Month:
Payoff Results
Months Until Payoff:
Years Until Payoff:
Total Interest Paid:
Principal Paid:

Longer term payment schedules make take 30 seconds or more to appear on your screen.


How Long Will It Take To Pay Off Your Credit Card Debt?

Ever feel like debt freedom is an impossible dream, something beyond reach?

Paying off your credit card can be a painful subject. But it doesn’t have to be that way.

Imagine if you could pay off your debt quickly. How much more money would you have for vacations, your children’s education, or retirement goals?

Thankfully, our Credit Card Payoff Calculator helps you easily figure when you’ll be able to pay off your debt. Try entering various payment plans and prove to yourself how much time and money you can save!

Credit Card Abuse Warning Signs

It’s easy to fall into irresponsible behavior with credit cards?

It’s so convenient to buy that little luxury and just slap down the plastic. The pleasure of the purchase is immediate and the pain doesn’t show up until the next month with the bill.

Here are a number of warning signs indicating you have too much debt and are improperly using credit cards:

  • You are only paying the minimum amount required – If you pay only the minimum, your credit card company charges more interest, keeping you in debt longer.
  • You use your credit card to pay for basic needs because you can’t afford to pay cash – Strive to only make credit card purchases that you could pay for right now with your checking account.
  • You charge more than what you pay monthly so that you carry a balance – If you’re not paying in full each month then you will pay more interest.
  • You are delinquent in paying your bills – Neglecting payments is unwise and will have adverse consequences on your credit rating – possibly increasing your interest rate.
  • You have maxed out all your credit cards – Systematically pay off your credit cards, instead of seeing how many you can fit in your wallet!
  • You applied for a new credit card and did not get approved – Excessive debt leads to fewer approvals.

Pay Off Your Credit Cards – Step By Step

Simply follow this step-by-step plan to reduce and pay off your credit card debt:

  1. Calculate and organize – List all your credit cards and rank your debts, starting with the highest interest rate moving toward the lowest.
  2. Reduce costs – Consider consolidating your debts to the one credit card offering the lowest interest rate. See which card has the lowest balance transfer rate. Use the Credit Card Comparison Calculator to find the best deal.
  3. Use the ‘debt snowball’ – Pay off your high-interest cards first. Once you finish paying off the credit card with the highest interest rate then accelerate your payments to your other credit cards using the debt snowball.
  4. Pay more than the minimum – This strategy reduces your balance and helps you pay off your credit card debt faster.
  5. Pay on time – Avoid late payment charges by scheduling your payment on time.
  6. No new debt – Reject offers to increase your credit limit or offers for new loans. And by all means, stop using your credit card to charge more than you can afford to pay for in cash.

Break The Debt Cycle

Once you’ve mapped out your debt payoff plan, how do you stay the course long enough to get out of debt?

  1. Set a long-term goal and measure your progress every month – “That which you measure is what you attain.”
  2. Enroll the support of your loved ones – Tell them your credit card payoff goal and ask them to hold you accountable and support you.
  3. Give yourself reasonable rewards – When you pay off a credit card, give yourself a reasonable reward – nothing extravagant.
  4. Stop using your credit card until you make a budget – Control your credit card usage by means of a budget, only spending what you can readily pay right away.

The Credit Card Payoff Calculator gives you the tools you need to set a reasonable time-frame for paying off your credit cards. You can even print out the handy payoff amortization schedule to track your progress.

Remember: The less debt you have, the more you can invest in your future.

Credit Card Payoff Calculator Terms & Definitions

  • Minimum Payment Percentage – The percentage or the fixed minimum amount that the credit card company requires you to pay each month.
  • Fixed Payment – The fixed amount you can pay every month.
  • Months Until Pay Off – How long it will take you to pay off a credit card.
  • Total Interest Paid – The amount of interest you will pay over the course of your debt payoff plan.
  • Principal Paid – The amount of your payments that paid principal.
  • Balance Owed – The total outstanding balance you must pay including interest.
  • Annual Interest Rate (APR) – Also known as the annual percentage rate, it is applied to your credit card purchases that were not paid in full each month.
  • Interest – The amount paid for borrowing money.
  • Principal – The original amount of money borrowed, not including interest. Be aware that when interest compounds, interest is absorbed into the principal.

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