Credit card debt is one of the costliest forms of borrowing, with interest rates often between 30–42% annually. Paying only the minimum due can trap you in years of debt.
Our Credit Card Debt Payoff Calculator helps you figure out how long it will take to clear your balance and how much interest you’ll pay. You can compare different strategies like minimum payment, fixed monthly payments, or debt snowball (extra payments) to see how fast you can become debt-free.
Why Use a Credit Card Debt Payoff Calculator?
Credit card interest compounds monthly, meaning the longer you delay, the more you owe. Many cardholders underestimate how expensive “minimum dues” are. This calculator shows the true cost of debt and how different strategies can save you lakhs in interest.
How Does the Calculator Work?
You enter:
- Current outstanding balance (₹).
- Annual interest rate (%).
- Minimum payment (% or amount).
- Your chosen payment strategy (minimum, fixed, or extra payment).
The calculator then shows:
- Time to debt-free (in months/years).
- Total interest paid.
- Savings by paying more than the minimum.
When Should You Use It?
- If you are carrying a balance on your credit card.
- To see how much faster you’ll be debt-free by paying extra.
- Before choosing between debt snowball or debt avalanche repayment strategies.
Example
If you owe ₹1L at 36% APR:
- Paying only minimum dues → 9+ years to repay, ₹2.3L interest.
- Paying fixed ₹10,000/month → 12 months, ₹19k interest.
- Paying ₹12,000/month → 10 months, ₹15k interest.
