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Credit Card Debt Payment Calculator

See how long it will take to pay off your credit card debts!

If you simply make the minimum payment due on your high-interest credit card debt each month, it could take years (and lots of unnecessary interest charges) to pay it off.

To find out how long it will take you to pay off your credit card debt, enter the data from your credit card account statement into the payment calculator below and click Compute. Repeat the process for each of your credit card debts.

Credit card debt balance:
Interest rate (% APR):
Monthly payment:
Months required to pay off the debt:
Your total repayment amount will be:
Your total interest payments will be:
To see how much difference making a larger payment will make, simply enter a different monthly payment amount.

You may be surprised at how much faster you can pay off your credit card debts, as well as how much you can save in interest charges, simply by increasing the amount of your monthly payments by just a few dollars.

Here is a typical example:

Let's say you have a credit card debt with a current balance of $651.28. The interest rate on the account is 19.8% and your minimum monthly payment is $26.53.

It would take you 32 months to pay off this debt, and you would end up paying $190.58 in interest.

Now, let's increase your monthly payment to just $45. It will now only take you 17 months to pay off this same debt, and you'll save a total of $91.49 in interest!

By raising your monthly debt payment by just $18.47, you have cut your total interest charges on the debt almost in half! And better yet, you only have to make these payments for 17 months instead of 32!

The credit card companies love it when you to make the minimum payment required each month because it lets them "drag out" the debt and earn tons of extra (and unnecessary) interest!

Note:  These calculations aren't exact due to rounding errors in the software. The purpose here is simply to give you an approximation of how much you can save in interest charges by increasing your monthly payment.
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