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Credit Card Payoff
Escape the interest trap. See how long it takes to pay off your balance and how much interest you'll save by paying more.
Last Updated: March 1, 2025
# What is Credit Card Payoff?
A Credit Card Payoff Calculator shows the timeline to become debt-free based on your monthly payment amount.
# How Does Credit Card Payoff Work?
- 1Enter Credit Card Balance.
- 2Input Interest Rate (APR).
- 3Enter your Monthly Payment.
- 4See the 'Debt Free Date' and Total Interest Paid.
# Common Use Cases
Strategizing debt repayment.
Seeing the cost of minimum payments.
Motivation to become debt-free.
# Why Use This Tool?
Warning: flags if payment is too low (negative amortization).
Comparison: Pay +$50 vs +$100 impact.
Visual Timeline: Watch the balance drop.
Trusted & Secure
• Calculations are performed entirely in your browser.
• No signup, no data storage, no tracking.
• Formulas based on standard financial principles.
# Frequently Asked Questions
Why is minimum payment bad?▼
Minimum payments often cover mostly interest, meaning your principal balance barely decreases, keeping you in debt for years.
How is interest calculated?▼
Daily Periodic Rate = APR / 365. Interest = Balance * Daily Rate * Days in Cycle.
What is the snowball method?▼
It's a strategy where you pay off the smallest debt first for a psychological win, then roll that payment into the next debt.
Last updated: March 2025 • v2.1.0 • Privacy First • Secure & Encrypted