How Long Will it Take to Payoff My Credit Card?


Credit card minimum payments are designed to maximize profits for the banks by stretching your payments over a long period of time. If you make a payment larger than the minimum required by the bank, you can shave years off the time it will take you to repay your debt. Determine how quickly you would repay your debt based on your minimum payment and the payment you can afford with our ‘How Long Will it Take to Payoff My Credit Card?’ calculator.

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Card Details
Curent Card Balance ($)
Annual Percentage Rate (%)
Current Minimum Payment ($)

Affordable Payment
Fixed Payment Amount ($)
 
Results:
Pay $ 350 per month to get out of debt 0 Years 8 Months earlier and save $ 765 in interest:
  Minimum Pmt Fixed Pmt
Total Payment $ 13,795 $ 13,030
Payoff Time 3 Years 10 Months 3 Years 2 Months
Interest Paid $ 3,795 $ 3,030

Let us find you a credit card lower than 17.500 % APR that would eliminate your balance even sooner

Credit card minimum payments may seem convenient, but only making the minimum payment each month can be quite costly.

Let's say you have a $ 10,000.00 balance on a credit card with a 17.500 % APR. If you only make your minimum payment of $ 300.00, it will take you 3 year(s) and 10 month(s) to pay off your card and you would pay $ 3,795 in interest alone.

On the other hand, if you, make $ 350.00 payment, this extra money will make it possible for you to pay off that same balance in just 3 year(s) and 2 month(s) - that is 0 year(s) and 8 month(s) sooner than if you made just the minimum payment. You would also only pay $ 3,030 in interest, saving you $ 765.