Credit Card Payoff Calculator
See how long it takes to become debt-free, how much interest you'll pay, and the impact of paying more than the minimum.
The Hidden Cost of Minimum Payments
Paying only the minimum on a credit card is one of the most expensive financial mistakes you can make. On an $8,500 balance at 22.99% APR, minimum payments alone could take 30+ years and cost more in interest than the original debt.
What is APR and how does it affect my balance?
APR (Annual Percentage Rate) is your yearly interest rate. At 22.99% APR, you pay roughly 1.92% per month. On $8,500, that's ~$163 in interest every single month before a cent goes toward the principal.
Avalanche vs Snowball — which is better?
The avalanche method targets highest-APR balances first (saves the most money). The snowball method targets smallest balances first (better for motivation). Use this calculator to model each scenario.