Find out exactly how long it takes to become debt-free and how much interest you'll pay.
Credit card debt is one of the most expensive forms of debt, with average APRs in the US exceeding 20% in 2024. Even a moderate balance can take years to pay off with minimum payments alone. Use this calculator to see the true cost of your debt and plan an effective payoff strategy.
Paying only the minimum each month means most of your payment goes toward interest, not reducing your balance. A $5,000 balance at 22% APR with minimum payments could take over 20 years to pay off and cost thousands in interest. Increasing your payment even by $50–$100/month makes a dramatic difference.
If you have multiple credit cards, two popular strategies are the Avalanche (pay off highest-APR card first — saves most money) and the Snowball (pay off smallest balance first — builds momentum). Use this calculator on each card to compare scenarios.
Many credit cards offer 0% APR balance transfer promotions for 12–21 months. Transferring high-interest debt to one of these cards can save significant money if you pay off the balance before the promotional period ends. Factor in the transfer fee (typically 3–5%) when evaluating offers.