What the calculator shows
- Months to payoff at the fixed payment you enter
- Total interest and total amount paid
- The monthly payment required to clear the balance in 12 months or 24 months
Why credit card debt is different
Unlike a mortgage or car loan, a credit card has no fixed term. The issuer sets a low minimum precisely so the balance — and their interest income — lasts as long as possible. Interest compounds daily on most cards, and the APR is usually 2–5× a mortgage rate. This is almost always the first debt to attack.
Getting out faster
- Stop using the card. Payoff math assumes no new charges.
- Pay a fixed amount, not the minimum. Set the highest number you can sustain and automate it. As the balance falls, keep the payment the same.
- Lower the rate. Ask for a reduction, move the balance to a 0% offer, or consolidate into a lower-rate personal loan.
- Attack in order. With multiple cards, use the snowball or avalanche method.
A quick reality check
At 24% APR, a $6,500 balance with a $150 minimum takes over 8 years and costs more than $7,000 in interest — more than the original balance. Bumping the payment to $300 cuts it to about 2 years and roughly $1,700 in interest.