Credit Card Payoff Calculator
Calculate time to pay off credit card debt and save on interest payments
Additional amount you can pay above minimum payment
Enter credit card details and click Calculate to see payoff timeline
High Interest
Credit cards have high APR
Extra Payments
Reduce payoff time significantly
Compound Interest
Works against you in debt
Minimum Trap
Paying minimum keeps you in debt
Debt Payoff Strategies
- 💡Avalanche Method: Pay highest interest first for maximum savings
- 💡Snowball Method: Pay smallest balance first for psychological wins
- 💡Extra Payments: Any extra amount goes directly to principal
- 💡Balance Transfer: Move to lower interest card if available
- 💡Debt Consolidation: Combine multiple debts into one payment
Tips to Pay Off Faster
- 💡Stop Using Cards: Avoid new charges while paying off debt
- 💡Budget Strictly: Find extra money in your budget for payments
- 💡Side Income: Use additional income exclusively for debt payments
- 💡Negotiate Rates: Call your card company for lower APR
- 💡Automate Payments: Never miss a payment to avoid fees
Impact of Extra Payments
Balance: ₹1,00,000 | Interest Rate: 24% APR | Minimum Payment: ₹2,500
Minimum Only
₹2,500/month
5 years 10 months
₹75,000 interest
+₹1,000 Extra
₹3,500/month
3 years 2 months
₹32,000 interest
+₹2,000 Extra
₹4,500/month
2 years 4 months
₹22,000 interest
Credit Card Interest Facts
How Interest Works
• Daily compounding on outstanding balance
• Interest charged on interest (compound effect)
• Minimum payment mostly goes to interest
• Principal reduction is very slow
Common APR Ranges
• Excellent Credit: 14-18% APR
• Good Credit: 18-22% APR
• Fair Credit: 22-26% APR
• Poor Credit: 26-30% APR
Healthy Debt Guidelines
Credit Utilization
Debt-to-Income Ratio
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