💳 Credit Card Payoff Calculator
Break free from credit card debt. Calculate payoff times, interest costs, and find the fastest path to debt freedom.
Credit Card Debt: The Hidden Wealth Killer
Why Credit Card Debt Is Dangerous
- ⚠️High interest rates (often 18-29% APR)
- ⚠️Compound interest works against you
- ⚠️Minimum payments barely touch principal
- ⚠️Can take decades to pay off with minimums
- ⚠️Opportunity cost of lost investments
The True Cost Example
$5,000 Credit Card Balance @ 22% APR
Debt Elimination Strategies
🏔️ Debt Avalanche Method
Pay minimums on all cards, then attack the highest interest rate first.
❄️ Debt Snowball Method
Pay minimums on all cards, then attack the smallest balance first.
Your Credit Card Debt Action Plan
Stop Using Cards
Switch to cash or debit only. You can’t dig out while still digging.
List All Debts
Write down every balance, minimum payment, and interest rate.
Find Extra Money
Cut expenses, increase income, or use windfalls for debt payments.
Choose Strategy
Pick avalanche (save money) or snowball (build momentum).
Credit Card Payoff Hacks
Balance Transfer Cards
Move high-interest debt to 0% APR promotional cards. Watch for transfer fees and promotional end dates.
Negotiate Lower Rates
Call your credit card companies and ask for a lower interest rate. Many will reduce rates for good customers.
Make Bi-Weekly Payments
Split your monthly payment in half and pay every two weeks. You’ll make 26 payments (13 months worth) per year.
Use Windfalls Wisely
Apply tax refunds, bonuses, gifts, and side hustle income directly to your highest-rate debt.