Credit card payoff calculator: Plan your debt-free date

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information. 

Paying off your credit card debt can help relieve financial stress, but how long will it take? Our credit card payoff calculator will give you an exact date for when you’ll be debt-free based on your balance owed, interest rate and monthly payment or payoff goal. 

Paying off your credit card debt is manageable if you stick to a plan—and our calculator can help you do just that. 

Credit card payoff calculator

Current credit card balance

Choose one:

Monthly payment

Payoff goal (months)

Interest Rate (APR) Monthly payment

Payoff goal (months)

Month Year

Calculate

You will be debt free by:

% Principal

% Interest

Months to payoff11

Total interest paid$123

Monthly payment$123

Total paid$1,234

4 tips for paying off credit card debt

Now that you’ve figured out how long your credit card debt will take to pay off, here are some tips that can help you prioritize, handle and manage your debt successfully:

1. Pay off cards with the highest interest rates first

If you have multiple credit card balances, it may be smart to focus on paying off the card with the highest amount of interest first—this method is often referred to as the debt avalanche strategy. 

Using this method is smart because you’ll end up spending less on interest over time. To implement this strategy, find the card with the highest APR and try to settle on a reasonable monthly payment amount that is above your minimum payment, but still one that you can afford. Once that card is paid off, move onto the card with the next highest interest rate. Repeat this process until you’ve paid off your credit card debt. 

2. Pay off cards with the lowest balance first

Another great strategy is paying off cards with the lowest statement balance first—often referred to as the debt snowball method. Similar to the debt avalanche method, you’ll focus on paying off the card with the lowest balance while continuing to make minimum payments on additional credit cards. When that card is paid off, move on to the one with the next smallest balance and continue the process until you’ve paid off all of your debt. 

Both the debt avalanche and debt snowball methods are good strategies to use to help you take charge of your debt and pay off your credit cards faster.  

3. Consolidate your credit card debt

Consolidating your credit card debt can help make your credit card payments more manageable by combining all of your lines of credit into one monthly payment. You can do this by consolidating your debt to a single card or getting a debt consolidation loan. Transfer balance cards are also available, with some offering zero percent APR during the introductory period. This is a great way to transfer debt to a new card and focus on paying down the balance without accruing interest. 

4. Create a realistic budget

Budgeting is an essential part of debt management, but be realistic with yourself and create a budget based on your personal expenses and income. Avoid opening any additional lines of credit and accumulating more debt. Creating a solid budget may mean you need to reprioritize your expenses, but it will all be worth it on the road to becoming debt-free. 

To reach your goal of being credit card debt-free, our printable credit card payoff planners can help you maintain your card payments and help you manage your debt more efficiently. Keep track of each credit card with our credit card debt tracker. This planner can help you stay on top of your payments and keep track of your remaining balances at the end of each month.

Or, keep an eye on your progress with our credit card payoff tracker. Fill out each credit card icon with a card’s balance and once it’s paid off, color in the card. Repeat this process until all of the cards are colored in.

Our credit card payoff calculator can help you get a handle on your finances so you won’t be burdened by credit card debt. Learn more about how to manage your credit cards to help you maintain a healthy credit score.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.