Payment Warning
Your payment doesn't cover the monthly interest. You'll never pay off the debt at this rate!
Credit Card Payoff Calculator
Calculate how long it will take to become debt-free
Payoff Results
Months to Payoff
0
Total Interest
$0
Total Payment Amount
$0
Payoff Date: --
How to Use This Calculator
This calculator helps you understand how long it will take to pay off your credit card debt and how much interest you'll pay based on different payment strategies.
Step-by-Step Guide:
- Enter Current Balance - Your total credit card debt amount
- Input Interest Rate (APR) - Your card's annual percentage rate
- Set Monthly Payment - The amount you can consistently pay each month
- Choose Payment Strategy:
- Minimum Payment (Typically 3% of balance)
- Fixed Monthly Payment (Same amount each month)
- Debt Snowball (Payments increase over time)
- Click "Calculate Payoff Plan" - See your debt freedom plan
Pro Tip: Increasing your payment by just $50/month can save hundreds in interest and shorten your payoff time!
Frequently Asked Questions
Why does the minimum payment take so long?
Minimum payments mostly cover just the interest charges with very little going toward the principal. This creates a cycle where your debt barely decreases each month.
Snowball vs. Avalanche methods?
The snowball method focuses on paying off your smallest debts first. The avalanche method targets debts with the highest interest rates first to save money.
How accurate are these estimates?
The estimates are very accurate for fixed-rate cards. Note: These calculations assume you stop using the card during payoff.
Should I pay off high-interest cards first?
Mathematically, yes - paying highest-interest debts first saves the most money. However, some prefer the snowball method for psychological motivation.
What if I can't afford the payment?
Consider: 1) Balance transfer to a 0% APR card, 2) Debt consolidation loan, or 3) Credit counseling.
Why am I seeing a warning?
The warning appears when your payment doesn't cover the monthly interest charges. Your debt will grow instead of shrink.
