Credit Card Payoff Calculator
See how long it takes to pay off credit card debt and how much interest you will pay.
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Frequently Asked Questions
How long does it take to pay off credit card debt paying minimum?
Paying only the minimum (typically 2% of balance) on an $8,000 balance at 24% APR takes approximately 28 years and costs over $15,000 in interest — nearly double the original balance. Doubling your minimum payment can cut payoff time by 60-70% and save thousands in interest.
What is the best strategy to pay off multiple credit cards?
Two proven methods: Avalanche — pay minimums on all cards, put extra money toward the highest APR card first. Saves the most interest. Snowball — pay minimums on all, put extra toward the smallest balance first. Provides psychological wins and motivation. Both work; the best is the one you will stick with.
Does paying off credit cards improve credit score?
Yes, significantly. Credit utilization (balances divided by credit limits) accounts for 30% of your FICO score. Getting utilization below 30% improves scores noticeably; below 10% is ideal. Paying off a $8,000 balance on a $10,000 card takes utilization from 80% to 0% and can boost your score by 50-100+ points.