Calculator: How Long Will It Take to Pay Off Credit Card Debt

Use this credit card debt payoff calculator to jumpstart your plan for getting out of credit card debt. Find out how long it will take you to pay off what you currently owe on your credit cards if you consolidate your debt.

How long will it take to pay off your credit card debt if you consolidate it?

How to use this calculatorHow to use calculator
  1. Credit Card Balance: Put in your current balance from all cards, including interest you owe.
  2. Interest Rate: Plug in your estimated debt consolidation interest rate.
  3. Monthly Payment: Add your estimated payment amount.

Your credit card will be paid off in


Total principal paid


Total interest paid


How the interest rate, balance, and months to pay off your debt impact your monthly payment.

The time it takes to pay off credit card debt and the amount you need to pay to pay off your debt in a shorter period are determined by the following factors.

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The more money you owe, the higher your payments will be. You can go for a longer payoff time to get a lower monthly loan payment.
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Interest Rate
With a debt consolidation loan, your interest rate will stay the same for the life of the loan. You shouldn’t have any unexpected rate changes. With credit card debt, unless you have locked in an interest rate for a certain amount of time, your interest could change at any time.

The following interest rates may apply to your credit card debt:

Introductory APR
Credit card companies may offer a special rate to new customers, sometimes as low as 0%. This may be for balance transfers, new purchases, or both, and could last anywhere from six to 12 months.
Cash advance APR
This is the interest rate that is applied if you use your credit card to get cash. It may be higher than the purchase APR.
Purchase APR
This is the interest rate applied to purchases you make with your card.
Balance transfer APR
You’ll pay this interest on balances you have transferred from another credit card. It may be an introductory or permanent rate.
Late payment APR
If you miss or are late with a payment, you could end up paying a higher rate.
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Number of months to pay off the balance
Your credit card allows you to pay a minimum monthly payment, but if you adhere to this amount, it could take years or decades to pay it off.
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Monthly payment
The more money you put toward your monthly payment, the faster your balance will go down and the quicker you’ll pay off the debt.
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How Long Will It Take Me to Pay Off My Credit Card Debt?

Let’s look at an example of how our credit card debt payoff calculator works.

Interest rates vary for debt consolidation loans, but assuming an interest rate of 11.95%, here’s how long it would take you to pay off a $10,000 loan.

How Long to Pay Off a Fixed-Rate Debt Consolidation Loan?

Now, compare the debt consolidation’s six years to pay off and the $4,057.42 in interest paid with paying off a credit card making minimum payments for the life of the balance.

There are a few different ways minimum payments are calculated, but assume your minimum payment is 1% of your balance plus interest.

The table below shows how long it will take to pay off and how much you’ll pay in interest.

How Long to Pay Off a Credit Card Debt With Minimum Payments?

If you look at your credit card statements at the “minimum payment warning,” you’ll see how long it will take you to pay off your balance if you only make the minimum payments. For some people, this could be ten years or even longer.

The amount of interest you pay during that time will make it hard to see any real progress being made on paying down your balance.

What’s more, you don’t have any control over the interest rate you’ll pay with a credit card. It can go up at any time.

The interest rate for a debt consolidation loan stays the same for the life of the loan, as does the payment amount.

Compare for Yourself: Credit Card vs. Debt Consolidation

The important thing to remember when using a debt consolidation loan to pay off high-interest credit card is that it’s important to not take on anymore credit card debt while you pay off your loan.

The table below will help you compare the difference between keeping your credit card debt as it is or consolidating it.