See exactly when you'll be debt free and how much interest you'll pay. Enter your balance, rate, and monthly payment to get your payoff date.
Enter your current credit card balance, the annual interest rate (APR listed on your statement), your planned monthly payment, and any new charges you expect each month. The calculator shows exactly when you will be debt free and the total interest cost.
The average credit card APR in the US is over 20%. That means a $5,000 balance costs you roughly $1,000 per year in interest alone if you only make minimum payments. The faster you pay it down, the less you give to the bank.
Most credit cards set minimum payments at around 2% of your balance. On a $5,000 balance at 21% APR, paying only the minimum could take over 20 years to pay off and cost more than $7,000 in interest. Paying even $50 extra per month makes a massive difference.