Credit Card Payoff Calculator

Digging yourself out of debt can seem impossible if you’re not able to visualize and understand just how easy it is to do. It’s important to always pay your bills on time, every month, because your payment history makes up the largest percentage of your total FICO credit score (35%). It’s also important to keep your credit utilization ratio low because your debt-to-credit levels, or your total balances across all accounts, make up 30% of your total FICO credit score.

This Credit Card Payoff Calculator works in two ways; it will estimate how long it will take you to pay off a credit card given the amount you wish to pay each month, or, it will estimate how much you need to pay each month given the desired number of months you wish to have it paid-in-full. By using our Credit Card Payoff Calculator, you’ll gain a better understanding of your current situation.

How to use the payoff calculator:

  1. Add the current balance of your credit card
  2. Add the current interest rate charged on your credit card
  3. Add the amount you plan to charge to your credit card each month
  4. Enter either the number of months you wish to reach a zero balance or the amount you wish to continue paying each month.
  5. Click “CALCULATE” to see your results!

How long will it take to pay off my credit card?

The months or years it will take to shred your credit card debt depends on a number of factors such as your current balance, interest rate, the amount you’re willing to pay each month, how much you continue to charge on your card each month, and whether or not you incur any fees or penalty APR.

The fastest way to pay off your credit card debt is by never missing a payment (to avoid penalty fees), don’t charge any more purchases to the card, and make more than one payment each month even if it’s just a few extra dollars.

NOTE: The debt payoff calculator is made available as a self help tool and is not intended to provide financial advise to its users. We cannot guarantee the accuracy of results when applied to a user's individual factors. Please seek professional advice regarding all personal financial issuers.

Payoff Calculator


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