Calculators › Credit card payoff
Paying off a credit card
At 20% to 30% interest, a balance grows fast and minimum payments barely touch it. See how long yours takes and what a bigger payment saves.
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See debt on a whole money pathHow it's figured
Each month the balance grows by the APR divided by 12, then your payment comes off, with no new purchases. Card minimums are often about 1% of the balance plus that month's interest, or $25, whichever is more; paying only the minimum can take many years.
If you're carrying a balance
Common steps: stop adding to it, pay more than the minimum, and pay the highest-rate card first. A 0% balance-transfer offer can help if the fee is small and you can pay it off before the offer ends. For free help, look for a nonprofit credit counselor (NFCC member agencies).
Questions
How long does it take to pay off $5,000 on a credit card?
At 24% APR, about 4 years and 8 months at $150 a month, with about $3,300 in interest; at $250 a month, a little over 2 years.
Why do minimum payments take so long?
Most of a minimum payment goes to interest, so the balance shrinks slowly.
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