Credit Card Payoff Calculator
Find out how long it will take to pay off your credit card debt and see how extra payments can help you become debt-free faster.
Understanding Credit Card Debt
Interest Charges
Credit card interest is typically compounded daily, which means your balance grows faster than with simple interest. Understanding how interest works is key to managing your debt effectively.
Minimum Payments
Making only minimum payments extends your repayment period and increases the total interest you'll pay. Even small additional payments can significantly reduce your payoff time.
Debt Avalanche vs. Snowball
The debt avalanche method (paying highest interest first) saves the most money, while the snowball method (paying smallest balances first) can provide psychological wins.
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