๐ณ Credit Card Payoff Calculator
Find out how long it takes to pay off your credit card.
๐ How Credit Card Payoff Works
Credit cards typically have high APRs (20-30%). Making only the minimum payment can keep you in debt for decades. By paying more than the minimum, you save enormously on interest.
โ ๏ธ A $5,000 balance at 23% APR with minimum payments ($150/month) takes 48 months and costs $2,100 in interest. Paying $300/month pays it off in 20 months with only $1,000 in interest.