Understanding Credit Card Payoff
How It Works
This calculator helps you determine how long it will take to pay off your credit card debt based on your current balance, monthly payment, and interest rate. It also shows you the total interest you'll pay over time.
Tips to Pay Off Faster
- ✓ Pay more than the minimum payment whenever possible
- ✓ Consider transferring to a card with lower interest
- ✓ Avoid new charges while paying down debt
- ✓ Use windfalls (tax returns, bonuses) to pay down balance