The calculator below will help determine how long it will take to pay off your debt if you continue to only make the minimum payments. First, make sure you have the balances for all your credit cards in front of you. Our calculator allows you to plug in multiple cards to see the true cost of all your debt combined. Next, find the interest rate of each card. This can be found in your online account, your billing statements, or you can call your credit card company and ask. Last, enter your minimum payment as a percentage of your outstanding balance. Do this for each card that you own.
Credit Card Minimum Payment CalculatorUse this calculator to determine how long it will take you to payoff your credit cards if you only make the minimum payments. Enter your credit card information below and press "View Report" to see your payoff details.
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If you’re like 189 million Americans suffering from credit card debt, you’re probably very familiar with minimum credit card payments. Credit card companies can often make it seem as if paying the minimums is fine. The minimum payment amount is often the first number you notice while looking at your monthly statement. But the truth is that, depending on the amount you owe, paying only the minimums can result in years of extra payments plus paying more than you originally owed in interest. In some severe cases, the interest paid over the course of many years could equal or surpass your original balance.
If you’ve plugged in all of your numbers above, you’re one step closer to regaining control over your debt. Play around with the numbers a bit. Are you able to increase your monthly payment? Try adding a higher minimum payment percentage and see what that does to your overall debt payoff timeline and your interest. What if you had a lower interest rate? Refinancing at a lower rate could make a huge difference in the long-term. And of course, any extra income, bonuses, or cash gifts that you’re able to put towards your credit card debt will result in paying off that balance quicker and with less interest.