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Credit Card Debt Calculator
Calculate how long it will take to pay off your credit card debt and how much interest you'll pay
Minimum payment: $125
Payoff Time
3 years, 11 months
Current Balance $5,000
Monthly Payment $150
Total Interest $1,984
Total Payments $6,984
💰 Savings vs Minimum Payment
Interest Saved: $710
Time Saved: 1 years, 3 months
Payment Comparison
| Payment | Payoff Time | Total Interest | Interest Saved |
|---|---|---|---|
| $125 | 5 years, 2 months | $2,693 | $0 |
| $188 | 2 years, 11 months | $1,433 | $1,260 |
| $250 | 2 years | $989 | $1,704 |
| $375 | 1 years, 3 months | $620 | $2,073 |
| $500 | 11 months | $458 | $2,235 |
Debt Payoff Strategies
Avalanche Method
- • Pay minimums on all cards
- • Put extra money toward highest APR card
- • Mathematically optimal
- • Saves the most money in interest
Snowball Method
- • Pay minimums on all cards
- • Put extra money toward smallest balance
- • Builds momentum and motivation
- • May cost more in interest but easier to stick with