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Find out exactly how long it will take to pay off your credit card debt
Credit card interest rates are typically among the highest of any consumer debt — often 15% to 30% APR. Even a small balance can cost you hundreds or thousands in interest if you only make minimum payments. This calculator shows you exactly how long payoff will take and how much you will pay in interest.
Credit card minimum payments are typically set at around 2% of your balance. Paying only the minimum means most of your payment goes toward interest, not the principal. A $5,000 balance at 20% APR with minimum payments could take over 20 years to pay off and cost more than double the original balance in interest.
The avalanche method means paying off the credit card with the highest interest rate first while making minimum payments on others. This saves the most money in interest over time and is the mathematically optimal strategy for paying off multiple credit cards.
The snowball method means paying off the smallest balance first, regardless of interest rate. While it costs more in interest than the avalanche method, many people find the psychological wins of eliminating small debts keep them motivated to continue.