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Use this calculator to figure out how to pay off high credit card debt—preferably before you retire.

The key to success is having a plan of how and when you’ll pay off debt. For example, by paying an extra $25 to $50 a month toward one of your credit card bills, you’ll be able to pay off that card, then move to the next one.

Consider the example of a $2,000 balance at 18% interest.

  • If your minimum payment is 2% of the balance due each month, it will take you about 19 years to pay it off and you’ll pay $3,862 in interest. (A 2% minimum payment would start at $40 and taper to $20. Maintain the $40 and you’ll pay off the debt faster. That’s what our calculator assumes.)
  • If you’re paying 4% of the balance due, you’ll pay off the balance in seven years and four months, and you’ll cut your interest costs to $1,031. (A 4% minimum payment starts at $80 and tapers to $20.)
  • By paying 8% of the balance due—much more than the minimum—it will take you three years and nine months to pay it off, and you’ll pay about $433 in interest. (An 8% minimum payment starts at $160 and tapers to $20.)

Remember: These calculations assume you add no more charges to the card during the time you’re paying it off.

This calculator also assumes you will pay no less than your “starting” minimum payment, and that you’ll pay off the credit card with the highest interest rate first—while paying the minimum on the others bills.

Ask the professionals at your credit union for help in developing a focused strategy to pay off credit card debt.

Card Name Balance Interest Rate Min Pay (%) *

NOTE: Print your results for reference; you won't be able to save data.

Provision of this calculator is not an offer of credit. Its use in no way guarantees that credit will be granted. This calculator is solely for informational purposes and provides reasonably accurate estimates; the calculations are not intended to be relied upon as actual loan computations.

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