Credit Card Payoff Calculator
See the shocking difference between minimum payments and aggressive payoff strategies
Warning: Minimum Payments Are a Trap!
Paying only the minimum on credit cards can keep you in debt for decades and cost you thousands in interest. This calculator shows you exactly why you need to pay more.
Your Credit Card Details
Usually 2-3% of balance or stated minimum
Amount you commit to paying monthly
Credit Card Payoff Strategies
- 1.Stop using the card - No more charges while paying off
- 2.Pay more than minimum - Even $50 extra makes a huge difference
- 3.Pay bi-weekly - Half your payment every 2 weeks
- 4.Use windfalls - Tax refunds, bonuses directly to balance
- 5.Consider balance transfer - 0% APR offers (watch fees!)
- 6.Negotiate lower rate - Call and ask for rate reduction
Red Flags to Avoid
- ✗Only paying the minimum each month
- ✗Using the card while trying to pay it off
- ✗Ignoring high interest rates (18%+ is predatory)
- ✗Opening new cards to pay old ones (debt transfer trap)
- ✗Missing payments (fees + interest rate increase)
- ✗Not having a budget or payoff plan
Balance Transfer Strategy
If you have good credit (680+), consider transferring your balance to a 0% APR credit card. Many cards offer 12-21 months of 0% interest on balance transfers.
Important Considerations:
- • Balance transfer fees typically 3-5% of amount transferred
- • Calculate if fee savings outweigh interest savings
- • Make a plan to pay off BEFORE 0% period ends
- • Don't use the new card for purchases (often no 0% on purchases)
- • Missing a payment can void the 0% rate
Example: $5,000 balance at 19% APR transferred to 0% for 15 months with 3% fee ($150). You'd save approximately $700 in interest if paid off in 15 months!
Take Control of Your Credit Card Debt Today
Every extra dollar you pay now saves you multiple dollars in interest later