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Calculate how long it takes to pay off credit card debt. Compare minimum vs. extra payments to see months saved and total interest savings.
Credit card payoff is the process of repaying your outstanding credit card balance. Interest accrues on the remaining balance each billing cycle, making minimum-only payments costly over time.
to pay off
Formula
Months = −log(1 − Balance × r ÷ Payment) ÷ log(1 + r)Balance = current outstanding credit card balance
r = monthly interest rate (APR ÷ 12 ÷ 100)
Payment = fixed monthly payment amount
Worked Example
$5,000 balance at 22% APR, paying $200/month
Did you know? Paying only the minimum on a $5,000 balance at 20% APR can take over 30 years and cost $8,000+ in interest. Adding just $50/month more than the minimum cuts payoff time by more than half. The average US household carries $6,501 in credit card debt (2024).
Sources
| Card Type | Typical APR |
|---|---|
| Low Interest Cards | 13–17% |
| Standard Rewards | 18–24% |
| Cash Back Cards | 19–25% |
| Travel Rewards | 20–26% |
| Store Credit Cards | 25–30% |
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