Credit card payoff calculator and tips for tackling debt

Letting credit card debt build up—like dishes in the sink—can quickly turn something manageable into a mess. But if you fall behind, it’s still possible to pay off debt. 

You can start by understanding how much you owe, how much interest you’re being charged and how much you can afford to pay each month. Once you have this information, using a credit card payoff calculator like the one below can give you a timeline for paying off debt.

Key takeaways

• Using a credit card payoff calculator can help you understand how long it may take to pay off debt.
• The debt snowball and debt avalanche methods are two strategies the Consumer Financial Protection Bureau (CFPB) says can help reduce debt.
• It’s a good idea to reach out to your credit card issuer if you think you’ll have issues repaying debt. It may have ways to help. 

Before you use a credit card payoff calculator and learn what it takes to become debt free, there are some helpful terms to know:

• Credit card balance: Generally refers to the amount of money you owe on your credit card.
• Annual percentage rate (APR): The yearly interest rate you’ll be charged on a credit card if you carry a balance. Credit cards can have various types of APRs. For example, there may be different APRs for new purchases and cash advances. And some cards may offer special introductory rates.
• Annual fee: The amount you’re charged per year for using a credit card. Not all credit cards have an annual fee.
• Minimum monthly payment: The lowest amount you can pay each month to help keep your account in good standing. Paying at least the minimum on time can help you avoid penalties and fees. Keep in mind, interest charges may apply if you only pay the minimum each month.

If you have multiple credit card accounts, there are two strategies the CFPB says might help you manage your debt: 

• Debt avalanche method: This method—also known as the highest interest rate method—is when you identify your debts with the highest interest rate and pay those off first. But it’s still important to try to keep up with minimum payments for all debt.
• Debt snowball method: Using this method, you address your smallest debt first. In the meantime, you can make minimum payments on all other, larger debts while using leftover funds to knock out the smallest debt.

The debt avalanche and snowball methods aren’t the only approaches to paying off debt. Here are some other options to consider:

• Contact your credit card company. Alert your credit card issuer as soon as possible if you’re unable to pay off your debt in full. It might be willing to find a repayment plan that works for both of you.
• Consolidate your debt. If you have multiple high-interest debts, you could consolidate them using a credit card balance transfer or a personal loan. These methods might help you get one simplified monthly payment and, in some cases, a lower interest rate—or even 0% APR for a limited time.

For more options, learn about other forms of credit card debt relief.

Here are some common questions about paying off credit card debt:

To use the calculator below, enter your current balance, interest rate or APR and your annual fee, if you pay one. You can also enter your preferred monthly credit card payment amount or the time frame in which you’d like to pay off the debt. Once you have your results, if you realize you want to consolidate your credit card debt, you can explore ways to do that.

Scroll down to start calculating your debt payoff plan.