Credit Card Payoff Calculator
Compare debt snowball vs avalanche methods to find the fastest way to pay off multiple credit cards.
Pay highest interest rate first
Pay smallest balance first
Important Notice
These calculators are for educational and informational purposes only. Results are estimates based on the information you provide and should not be considered financial, tax, or investment advice. Your actual results may vary. For personalized guidance, please consult a qualified financial advisor, tax professional, or other appropriate expert.
People Also Ask
What is the fastest way to pay off credit card debt?
Common strategies include paying more than the minimum, using the avalanche method (highest interest first) to minimize interest costs, balance transfer cards with 0% intro APR, and not adding new charges during payoff.
What is the debt avalanche method?
The avalanche method pays off debts with the highest interest rates first while making minimum payments on others. This mathematically saves the most money on interest charges.
What is the debt snowball method?
The snowball method pays off the smallest balance first regardless of interest rate. Quick wins from eliminating debts can provide motivation, though it costs more in total interest.
Which is better: snowball or avalanche?
Avalanche saves more money mathematically. Snowball provides psychological wins that some find motivating. Different methods work for different people based on their priorities and behavioral tendencies.
How long will it take to pay off my credit cards?
This depends on balances, interest rates, and payment amounts. Minimum payments can take 10-20+ years. This calculator shows your exact timeline with your specific numbers.
Should I use savings to pay off credit card debt?
Credit card interest (15-25%) typically exceeds savings account returns. Some maintain a small emergency fund ($1,000-2,000) to avoid new debt if emergencies arise while paying down existing debt.
What is a balance transfer and should I use one?
Balance transfers move debt to a new card with 0% intro APR (12-21 months). This can save interest if the balance is paid before the intro period ends. Transfer fees are typically 3-5% of the amount transferred.