Question 1

How It Works

Accepted Answer

Enter your credit card balance, APR, and current monthly payment to see your payoff timeline and total interest cost. The calculator also shows what happens if you only make minimum payments versus fixed higher amounts, revealing the true cost of carrying credit card debt over time.

Question 2

Why does it take so long to pay off credit cards with minimum payments?

Accepted Answer

Minimum payments are typically 1-3% of your balance or a fixed amount like $25. At these levels, most of your payment goes toward interest, with very little reducing the principal. A $5,000 balance at 22% APR with minimum payments can take over 25 years to pay off and cost over $10,000 in interest alone.

Question 3

What's the fastest strategy to pay off credit card debt?

Accepted Answer

Pay as much above the minimum as possible — even doubling your minimum payment can cut payoff time in half. Consider a balance transfer to a 0% APR card if you qualify, or use the avalanche method to tackle your highest-rate card first. The key is consistency: set a fixed payment amount and automate it.

Question 4

Should I close credit cards after paying them off?

Accepted Answer

Generally, no. Closing a card reduces your total available credit, which increases your credit utilization ratio and can lower your score. Keep paid-off cards open (especially older ones) and use them occasionally for small purchases you pay in full. Only close a card if it has an annual fee you can't justify.

Credit Card Payoff Calculator

At $200.00/mo

If you only pay the minimum ($25/mo)…

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Matthew Collins