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Are you in debt? See what you need to do to get out.

If you have credit cards, you’ve probably asked yourself, “When will I pay off my credit card?” Due to their high-interest rates, credit cards can be an expensive way to borrow money. If you carry a balance on your credit cards, you’re likely paying 15% or 20% in interest every month. Since it’s a revolving form of credit, you can keep charging, which makes it easy to get into debt and hard to get out of it. You only need to pay the minimum every month, which would keep you in debt indefinitely. Carrying that balance can lower your credit rating, too, by increasing your debt to limit ratio.

Some credit card companies will list how long it will take you to pay off your card in full if you pay just the minimum every month. However, they don’t provide additional details, such as how long it will take you to pay off your credit card if you double your minimum payments. An online calculator can help you do that.

Credit & Debt

When Will I Pay Off My Credit Card?

The credit card debt payoff calculator from Money Help Center can help you make smarter decisions about paying down your cards. This calculator lets you see how long it will take you to pay off what you owe, along with what you’ll save if you add to your monthly minimum payment. You can also use the calculator to see how much faster you could pay off your card if you negotiated a better rate.

Money Help Center also has a calculator to help you decide whether transferring your credit card balances can help you pay off your balances faster. If you’ve wondered whether switching to a lower-rate card could help you, if you should take advantage of a special credit card offer, this calculator can help. We also have calculators to help you create a budget, track your spending and more so you can figure out how much you can put towards your debt.

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