Credit Card Payoff Calculator
Estimate how long it will take to pay off your credit cards and how much interest you'll pay. Compare different payoff strategies like the debt snowball or avalanche method.
Payoff Summary
Enter your credit card details and click "Calculate" to see results.
About Credit Card Payoff Strategies
Credit card debt can be overwhelming, but with the right strategy, you can pay it off efficiently. The two most popular methods are the Debt Snowball and Debt Avalanche approaches.
Debt Snowball Method
This method focuses on paying off your smallest debts first while making minimum payments on larger debts. As each smaller debt is paid off, you roll that payment amount into the next smallest debt. This approach provides psychological wins that can keep you motivated.
- List all debts from smallest to largest balance
- Pay minimum payments on all debts except the smallest
- Put as much extra money as possible toward the smallest debt
- Repeat until all debts are paid in full
Debt Avalanche Method
This method focuses on paying off debts with the highest interest rates first while making minimum payments on others. Mathematically, this approach saves you the most money in interest payments.
- List all debts from highest to lowest interest rate
- Pay minimum payments on all debts except the one with the highest rate
- Put as much extra money as possible toward the highest-interest debt
- Repeat until all debts are paid in full
Which Method is Better?
The avalanche method saves more money in interest, but the snowball method provides quicker wins that can help with motivation. Choose the method that best fits your personality and financial situation.