💳 Credit Card Payoff Calculator
How long until you are debt-free?
$
$
$
Pay More, Save More
The Minimum Payment Trap
Credit card companies set minimum payments at 1-3% of the balance — just enough to keep you paying for decades. A $5,000 balance at 22.9% APR with $100/month minimum payment takes 9 years and 3 months to pay off. Total interest paid: $6,117 — more than the original balance. Paying $200/month instead: 2 years 8 months, $1,640 interest. That extra $100/month saves $4,477 and 6.5 years.