Credit Card Payoff Calculator
How Long Will It Take to Pay Off Your Credit Card?
Credit card debt grows quickly because of high APRs and daily compounding. This payoff calculator simulates your balance month by month to show exactly how long it will take to clear your debt with a fixed monthly payment, plus the total interest you will pay.
Enter your current balance, your APR, and the amount you plan to pay each month. If your payment only covers the interest, the calculator will warn you that the debt will never be paid off. Try increasing your monthly payment to see how much faster you can become debt-free.
Frequently Asked Questions
How long does it take to pay off a credit card?
It depends on the balance, APR and payment. As an example, a $5,000 balance at 22% APR with a $250 monthly payment takes about 26 months and costs roughly $1,400 in interest. Doubling the payment roughly halves both the time and the interest.
What is the minimum payment trap?
Paying only the minimum (often 1-2% of the balance) means most of your payment goes to interest, so the balance shrinks very slowly. At 22% APR, a $5,000 balance with a 2% minimum payment could take 20+ years to clear.
Should I consolidate credit card debt?
A balance transfer card or consolidation loan with a lower APR can cut your interest dramatically - but only if you stop using the cards and commit to paying down the debt. Watch for transfer fees and make sure the new rate stays low after any promotional period.