Credit cards give you access to a line of credit that can be used to make purchases, cash advances, and balance transfers. Most of their cards also offer rewards programs, letting you earn discounts on a variety of projects or even direct cash back. With the right strategy, they can help you make the most of your money and dramatically improve your quality of life.
Without the right strategy, they can be disastrous to your finances. I’ve seen dozens of people dig themselves into thousands of dollars of bad debt using credit cards improperly, and I hate watching it happen. I created the credit card payoff calculator to help people like you climb out from under their debt — and stay out of it.
Why Do You Need Credit Card Payoff Calculator?
If you want to pay off your balance, you’re going to need a plan. You can come up with something simple on the fly — like promising to pay $50 more than your minimum balance each month — but you’ll need something more detailed to really make this work.
My credit card payoff calculator can help you visualize the specifics of your payment plan.
Credit Card Payoff Calculator – How to Use It
I designed this calendar with simplicity in mind. All you need to do is enter the balance on your credit card, your interest rate, and the monthly payment you want to like. Click “Calculate” and my calculator will do the rest, giving you a detailed assessment with month-by-month breakdowns. It will show you exactly how long it’ll take to pay off your debt and how much interest you’ll pay during that time. And you can easily tweak the numbers to test out various payment plans.
Once you’ve settled on a plan, you can print the whole thing out and put it somewhere visible. I’ve found that placing a payment calendar near my desk is a great way to remind myself what my goal is — and how much I’ve already done to get there.
Credit Card Payoff Calculator
Find out how many months you will need to pay off your credit card.
|Credit Card Balance:|
|Total Months to Pay Off Credit Card:|
|Total Interest Paid:|
By using this calculator you agree to terms and conditions. These calculators are designed to be informational and educational tools only, and when used alone, do not constitute investment or financial advice. We strongly recommend that you seek the advice of a financial services professional before making any type of investment or deciding on your financial matters. This model is provided as a rough approximation of future financial performance. The results presented by this calculator are hypothetical and may not reflect the actual growth of your own investments. We can't take into account potential lender fees, payoff schedule can be longer than in the estimation. Paymybill and its affiliates are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Paymybill is not responsible for any human or mechanical errors or omissions.
Understanding Credit Card Payoff Calculator Terms and Definitions
There are a few terms you’ll need to know to use my credit card payoff calculator properly.
Credit Card Balance
This is the amount you currently owe on your credit card.
You can check your current balance by using online banking system. You will need to enroll in their online services before you can do this, but it should only take a few minutes.
The amount of money you’re able to pay towards your credit card each month.
Interest Rate – Interest is the fee financial institutions charge when you borrow money. On credit card contracts interest is typically expressed as an Annual Percentage Rate (APR).
Total Months to Pay Off Credit Card
The total number of months it will take to pay off your balance based on your monthly payment.
Total Interest Paid
The amount of interest you will pay throughout the duration of your credit card loan.