See how long it will take to pay off your credit card debt.
Credit card debt is one of the most common and expensive forms of debt. With interest rates often exceeding 20%, a small balance can quickly snowball into a significant financial burden. Our Credit Card Payoff Calculator provides a clear picture of your debt-free timeline and the total interest cost, empowering you to make informed decisions about repayment.
Credit card issuers are required to show you how long it will take to pay off your balance if you only make minimum payments. Often, this timeline is 10, 15, or even 20 years. Why? Because the minimum payment (usually 2-3% of the balance) barely covers the accruing interest.
Balance: $5,000 | Interest Rate: 18% | Minimum Payment: $100
Result: It will take nearly 8 years to pay off, and you will pay over $4,300 in interest—almost doubling the cost of your original purchases.
To pay off debt faster, you need a plan. Two of the most popular methods are:
Goal: Save money on interest.
List debts from highest interest rate to lowest. Pay minimums on all, but throw every extra dollar at the highest-rate card. Once paid, move to the next.
Goal: Psychological motivation.
List debts from smallest balance to largest. Pay off the smallest debt first to get a quick "win." This builds momentum to tackle larger debts.
No, paying off debt improves your utilization ratio, which boosts your score. However, closing the account after paying it off can hurt your score by reducing your total available credit.
Your balance will never go down. You will remain in debt indefinitely, paying thousands of dollars for the privilege of borrowing the original amount.