Question 1

How do I calculate credit card payoff time?

Accepted Answer

Enter your current balance, APR (annual interest rate), and monthly payment amount. The calculator shows how many months it will take to pay off the debt, total interest paid, and the payoff date. Use Compare mode to see fixed payment vs minimum payment strategies.

Question 2

What's the difference between fixed payment and minimum payment?

Accepted Answer

Fixed payment means paying the same amount each month until paid off (faster payoff, less interest). Minimum payment means paying only the required minimum (typically 2-3% of balance, slower payoff, more interest). Fixed payments save significant money.

Question 3

How much should I pay each month?

Accepted Answer

Pay as much as you can afford above the minimum. Even $50-100 extra per month can cut payoff time in half and save thousands in interest. Use the calculator to see how different payment amounts affect payoff time and total interest.

Question 4

What are debt snowball and debt avalanche methods?

Accepted Answer

Debt Snowball: Pay minimums on all cards, extra on smallest balance first (builds momentum). Debt Avalanche: Pay minimums on all cards, extra on highest APR first (saves most interest). Both are effective - choose based on what motivates you.

Question 5

Should I consider a balance transfer?

Accepted Answer

Balance transfers to 0% APR cards can save interest during the promotional period. However, watch for transfer fees (typically 3-5%) and ensure you can pay off the balance before the promotional rate expires. Calculate if the savings outweigh the fees.

Credit Card Payoff Calculator - Payoff Strategy

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