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Credit card payoff calculator

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Updated: October 18, 2023

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No one intentionally seeks to accumulate credit card debt. It is often a situation that arises without you even noticing, or may even seem beyond your control. Using a credit card debt calculator can help establish an economical repayment plan, empowering you to get control of your credit card debt.

How to use this calculator

If you’re looking to become debt-free, our debt repayment calculator is a valuable tool to determine the time it may take. By inputting your debt amount and interest rate, this credit card repayment calculator can estimate the monthly payment required to pay off your debt. Additionally, it provides insight into the proportion of principal and interest you will pay over the duration of the debt.

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Credit card payment calculator

Use this calculator to see what it will take to pay off your credit card balance and what you can change to meet your repayment goals.

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Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

How to pay off credit card debt

If you're looking to eliminate your debt, it's important to understand that there is no one-size-fits-all solution for paying off credit card debt. However, there are several strategies that can assist you in improving your financial situation and regaining control.

While making minimum payments can help you avoid penalties and late fees, it's advisable to pay more than the minimum amount if at all possible.

If your goal is to rapidly pay off credit card debt, negotiating lower interest rates with your credit card issuers is an effective approach.

Debt consolidation can be a viable strategy, especially if you carry high-interest debt from multiple credit cards. By consolidating your debts, you'll only need to make a single monthly payment instead of managing multiple credit card balances and due dates.

Remember, finding the most suitable method for your circumstances is crucial, so consider your options carefully and seek professional advice if needed.

Debt avalanche method

The debt avalanche method prioritizes the repayment of debt that carries the highest interest rate. By doing so, you minimize the overall amount of interest paid in the long run. However, the visible progress may be slower, particularly if your higher-interest-rate debt includes larger balances.

Debt snowball method

Using the debt snowball method, you begin by paying off your smallest debt balance while making minimum monthly payments on all other debts. Once the first debt is cleared, you allocate the money previously used for that payment towards the next smallest debt. By repeating this process, you’ll gradually build momentum, similar to a snowball rolling downhill.

Paying off smaller debts quickly provides an added sense of accomplishment. However, it's important to note that prioritizing debt balance over the APR may result in paying more in interest charges.

Tips for staying debt free in the future

  1. 1.

    Start building substantial savings: Building a significant savings account can be challenging, yet it’s crucial for financial stability. Consider your savings as a buffer for unforeseen expenses, providing a sense of preparedness.

  2. 2.

    Immediate payment of credit card transactions: Avoiding debt does not necessarily require using only cash. Some find it helpful to use physical currency to prevent impulsive purchases or accumulating a large credit card balance. If you understand your financial habits and know that managing a credit card will be challenging, it’s advisable not to get one.

  3. 3.

    Buy only what you need: While it may not appeal to impulse shoppers, there’s a simple yet effective strategy for saving money: think before you buy. Take the time to research the best deals and learn to listen to that inner voice that questions whether you truly need the item in question.

  4. 4.

    The power of budgeting: Creating a budget for your monthly expenses allows you to gain control over your finances and make informed decisions about your spending. By allocating specific amounts for savings and determining your available funds for necessities, you can effectively manage your money and achieve your financial goals.

  5. 5.

    Consolidate your credit cards: Having multiple credit cards can lead to multiple payments and accumulating interest. If you struggle to use your cards responsibly, it may eventually require debt consolidation. By limiting the number of cards you have, you can better track your spending and ensure timely payments, avoiding potential financial pitfalls. 


  • What is credit card debt consolidation?


    Debt consolidation involves combining multiple debts, often high-interest ones like credit card bills, into a single payment. It can be a beneficial strategy if you are able to secure a lower interest rate, as this can help decrease your overall debt and enable you to repay it more quickly.

  • Why should I have more than one credit card?


    To achieve or maintain a favourable credit score, it is generally advisable to have two or three credit cards. This blend of credit can potentially enhance your credit mix, which is viewed positively by lenders and creditors. It’s advantageous to demonstrate a diverse range of credit types on your credit report.

  • What happens when I pay off a credit card balance?


    The great thing about paying off your entire statement balance every month is that you can utilize credit cards without incurring any interest on the majority of accounts. This is made possible by the credit card grace period, which allows you to avoid paying interest when you pay your balance in full.

  • How do you calculate your credit card payoff date?


    To determine your credit card due date, refer to your statement. Your specific payoff date will vary based on the amount you pay each month above the minimum. To select your desired payoff date, use our credit card payoff calculator and input the number of months you wish to take to pay off the debt.

  • When should I seek debt relief?


    If you’re struggling with your debt and finding it difficult to make progress on a repayment plan, it may be worth considering a debt relief program. These programs often involve seeking assistance from a non-profit debt management company that can help you develop a customized plan based on your specific circumstances.

Amy Tokic Associate Content Editor (SEO)

Amy Tokic is an SEO content editor for She holds a B.A. in Communications from the University of Windsor. Amy is an award-winning author and has been writing professionally for 15 years, publishing articles in the lifestyle and health sectors. In her free time, Amy loves perusing used book and record stores, and chasing squirrels with wild abandon (a habit attributed to spending too much time with her pooches).


The content provided on is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.