Credit Card Debt Payoff Calculator

This Credit Card Debt Payoff Calculator helps you understand how quickly you can eliminate your credit card debt by comparing minimum monthly payments with a fixed monthly payment strategy. Simply enter your credit card balance, annual percentage rate (APR), minimum payment percentage, and desired fixed monthly payment to see a clear comparison of how each approach impacts your debt payoff timeline.

Credit Card Payoff Calculator

Credit Card Balance:

APR (Annual Percentage Rate %):

Minimum Payment (% of Balance):

Fixed Monthly Payment ($):

Instructions:

Credit Card Balance: Enter your total current outstanding balance.
APR (Annual Percentage Rate): This is the annual interest rate charged by your credit card company. Typically, credit cards have an APR around 20%.
Minimum Payment (% of Balance): This is the required minimum percentage payment your credit card issuer mandates each month. The typical default is around 3%.
Fixed Monthly Payment: Enter a fixed amount you intend to pay monthly, above the minimum, to see how quickly you can pay off your debt.