How Can I Payoff My Credit Card Debt Sooner?

This credit card payoff calculator will tell you how long it will take you to pay off your credit card debt with the amount you pay now, and how much you would have to pay every month to eliminate credit card debt even sooner.
Loan Information
Current Card Balance : ($)
Current Monthly Payment : ($)
Annual Interest Rate : (%)
Payoff Goal : (Months)

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Payoff Goal
Monthly Payment : $250.00 $496.83
Payoff Timeline : 5 Years 1 Months 2 Years 0 Months
Time Saved : 3 Years 1 Months
Total Payments : $15,250.00 $11,923.88
Total Interest Paid : $5,250.00 $1,923.88
Interest Savings : $3,326.12
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If you are in credit card debt, you might be interested in setting a goal to have that card paid off by a certain time. In order to reach that goal, however, you need to know how much money you have to send each month in order to have the card paid off by that date.

If you have a credit card balance of $10,000.00 on a card with a 17.500% APR, you might have a minimum payment set by the credit card of $250.00. At this rate, it will take you 5 year(s) and 1 month(s) to pay off the card. If you have a goal of paying off that card in 24 month(s), however, you will need to increase your payment amount to $496.83. Not only will this knock off 3 year(s) and 1 month(s), you will also save $3,326.12 by reducing the amount of interest you have to pay on the balance.
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or its applicability to your financial situation. Please consult your financial and/or tax advisor.