Credit Card Payoff Calculator
See exactly how long it takes to pay off your credit card and total interest charged at your monthly payment amount.
The Real Cost of Credit Card Debt
Credit card APRs average over 21% nationally in 2026 — one of the most expensive forms of consumer debt. A $5,000 balance at 22% APR accrues $92/month in interest at the start. Without aggressive payments, the majority of your minimum payment goes to interest, barely reducing the principal.
The Minimum Payment Trap
Credit card minimum payments are designed to keep you in debt as long as possible. On a $5,000 balance, a $100 minimum payment (2%) results in a payoff time of over 9 years and total interest exceeding $4,500 — nearly equal to the original balance. Doubling the payment cuts both time and interest by more than 60%.
Strategies to Accelerate Payoff
Three proven strategies: (1) Pay a fixed amount — not the calculated minimum — every month. (2) Use a balance transfer to a 0% promotional card if you can pay off the balance in time. (3) Apply the debt avalanche method — focus extra payments on the highest-rate card first to minimize total interest.