How Long Will It Take To Pay Off My Credit Card(s)?

“When will I pay off my credit card,” is a questions many Americans ask as credit card debt rises higher than ever before.  The fact that ‘interest never sleeps’ means that the situation will continue to worsen unless steps are taken at the individual level to reduce or eliminate debt.  Interest rates as well as monthly payments can help you calculate credit card payment.  Adding extra to your monthly payment can accelerate the payoff and save your hundreds it not thousands of dollars in interest payments. Use our credit card debt payoff calculator to determine when you can pay off your credit card.



Understanding how long it takes you to pay off your credit card is important because it lets you appreciate how much interest borrowing and rolling over your balance is costing you. Most credit cards only charge you a little over the minimum interest due every month. If you don’t pay in full every month, you end up paying a lot more than the sticker price on the items you buy with plastic.

If you don’t understand how long it will take you to pay off your full balance, you may not have a clear picture of how in debt you may be. Understanding it will take decades to pay off a single thousand dollar purchase, for example, can help you appreciate how important it is to get out of this type of consumer debt.

When Will I Pay off My Credit Card?

Knowing the date when you will have your credit card paid off can motivate you to pay off your card faster. Most credit card users are surprised to find that even a few hundred dollars will take years to pay off if they only pay the minimum amount each month. If you want to pay off your credit card faster, there are several things you can do:

  • Create a budget. Figure out where your money goes and look for ways to restructure your spending so you have money to put toward your credit card payment. Even skipping dining out twice a month can help you pay off your debt faster.
  • Funnel more money toward your credit card each month. Any spare money you don’t use should be going toward your credit card debt since the high-interest rate will add up quickly.
  • Negotiate with the credit card company. If you are in good standing with the company, consider negotiating to lower your interest rate. Even a temporary lowering of your interest rate means more of your money is going toward the principal balance rather than the interest.
  • Pay more than once a month. Rather than saving up your money and paying your credit card once a month, try putting small amounts toward your total whenever you can. It will add up.
  • Sell what you don’t need. If you have exercise equipment, clothing, electronics or anything else you no longer need, sell it and generate extra cash that can help you pay off your credit card faster.
  • Earn money on the side. Consider tutoring someone, selling consulting services or taking on a part-time job to earn extra money to put toward your credit card.
  • Take overtime. If you can, get additional overtime at work so you have more income you can use toward paying off your debts.

With Money Help Center calculators, you can create a budget, evaluate your expenses and find ways to save so you get to a zero balance on your credit cards faster.