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

The time to pay off your credit card depends on your balance, interest rate, and monthly payment. For example, a $5,000 balance at 18% APR with $200 monthly payments would take about 2 years and 11 months to pay off.

How much should I pay monthly on my credit card?

You should always pay at least the minimum payment, but paying more will save you money on interest. A good rule is to pay as much as you can afford after essential expenses, aiming for at least 3% of your balance.

How can I pay off my credit card faster?

To pay off your credit card faster: 1) Make more than the minimum payment, 2) Make bi-weekly payments, 3) Transfer to a 0% APR card, 4) Use windfalls like tax returns for extra payments, 5) Cut expenses to increase payment amount.

What happens if I only make minimum payments?

Making only minimum payments extends your repayment period significantly and increases the total interest paid. For example, a $5,000 balance at 18% APR with minimum payments could take over 15 years to pay off and cost thousands in interest.

Credit Card Payoff Calculator

Calculate how long it will take to pay off your credit card debt

Enter your credit card details to see your payoff timeline and interest savings.

Credit Card Payoff Calculator

Credit Card Balance ($)

Annual Interest Rate (%)

Monthly Payment ($)

Understanding Credit Card Debt

Why Paying Off Credit Cards Matters

High-interest rates can quickly increase your debt
Improves your credit score and financial health
Reduces stress and provides financial freedom

Common Interest Rates

Excellent Credit

12% - 15% APR

Good Credit

15% - 20% APR

Fair/Poor Credit

20% - 30% APR

Strategies to Pay Off Credit Card Debt

Debt Repayment Methods

• Snowball Method: Pay smallest debts first
• Avalanche Method: Pay highest interest first
• Debt Consolidation: Combine multiple debts

Tips for Success

• Make more than minimum payments
• Consider balance transfer cards
• Create a strict budget

Use our Debt Repayment Planner to create a personalized plan for paying off your credit cards.