Want to rid yourself of credit card debt?
Find out how long that will take.
Our credit experts have put together this handy tool. Play with monthly payment levels and watch the duration go up and down.
My Current Debt 0
Add another card +
If my monthly payment is
I will be debt-free by
Total amount I'll pay
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When only one credit card debt is entered into the tool: For each month, we calculate and add the interest accrued during that month to the amount you owed during the previous month. Then we subtract your monthly payment to arrive at the new amount owed. We repeat the process and track the amount of time needed for the amount owed to reach $0.
When multiple credit card debts are entered into the tool: We take a weighted APR approach to calculate the amount of time it will take to get your combined credit card debts to $0. For example, if you enter a balance of $1,000 with a 10% APR and a monthly payment of $100 and another balance of $1,000 with a 20% APR and monthly payment of $100, we will combine the balances and calculate the payoff using a weighed APR of 15% assuming a $200 monthly payment.