Credit Card Payoff Calculator
Create a strategic plan to eliminate your credit card debt faster. Compare debt avalanche and snowball methods to find the best approach for your situation.
Credit Card Payoff Calculator
💳 Your Credit Cards
Card 1
Mathematically optimal - saves more on interest
Additional amount beyond minimum payments
Debt Payoff Strategies Explained
🏔️ Debt Avalanche Method
Pay minimum amounts on all cards, then put any extra money toward the card with the highest interest rate. This method saves the most money on interest payments over time.
Best for:
- • People motivated by mathematical optimization
- • Those who want to minimize total interest paid
- • Disciplined individuals who can stick to the plan
⛄ Debt Snowball Method
Pay minimum amounts on all cards, then put any extra money toward the card with the smallest balance. This method provides psychological wins and motivation through quick victories.
Best for:
- • People who need motivation and quick wins
- • Those who have struggled with debt in the past
- • Individuals who respond well to psychological rewards
💡 Additional Tips
- • Stop using credit cards while paying off debt
- • Consider balance transfers to lower APR cards
- • Use windfalls (tax refunds, bonuses) for debt
- • Create a budget to free up more money for payments
🚫 Avoid These Mistakes
- • Making only minimum payments
- • Adding new debt to paid-off cards
- • Closing paid-off cards (hurts credit score)
- • Not having an emergency fund
📈 Boost Your Payments
- • Pick up a side hustle or freelance work
- • Sell items you no longer need
- • Reduce subscription services
- • Use cashback and rewards for payments
⚠️ Important Notes
- • This calculator provides estimates based on the information you provide
- • Actual results may vary due to changes in interest rates, fees, or payment amounts
- • Consider consulting with a financial advisor for personalized debt management strategies
- • If you're struggling with debt, consider contacting a nonprofit credit counseling service