Pay off your credit card faster
Credit cards charge interest on your remaining balance every month, so a large chunk of a small payment can go straight to interest rather than reducing what you owe. This calculator works two ways: enter a fixed monthly payment to see how long the balance takes to clear and what it costs in interest, or set a target number of months to find the payment required to get there.
Why the minimum payment traps you
Paying only the minimum stretches a balance out for years and multiplies the interest. Because interest is charged on the balance, every extra dollar you pay reduces all future interest too. Try nudging the payment up and watch both the payoff time and total interest fall sharply.
Frequently asked questions
Why does my balance barely move?
If your payment is only slightly above the monthly interest, almost all of it goes to interest and very little to principal. Raising the payment even a little dramatically shortens the payoff time because the extra goes entirely toward the balance.
What if my payment does not cover the interest?
Then the balance grows every month and the card can never be paid off — the calculator will warn you. You need a payment above the first month's interest charge, ideally well above it, to make real progress.
Could a balance transfer help?
A 0% or low-rate balance-transfer offer can pause interest so more of each payment reduces principal, but watch for transfer fees and the rate after the promotional period ends. Compare the total cost before moving a balance.