How it works
Each month the card adds interest to what you owe, then your payment comes off. Whatever is left after interest is what actually shrinks the balance, so the gap between your payment and the month's interest decides how fast you get out of debt.
Monthly interest ≈ balance × APR ÷ 12
Payment to clear it in n months = B × r ÷ (1 − (1 + r)^−n), where r = APR ÷ 12
Card issuers usually charge interest daily on your average daily balance, so your statement can differ by a few dollars. The calculator assumes you stop using the card; new purchases push the date back.
Worked example
You owe $6,000 at 22.9% APR. The first month's interest is about $115, so a $250 payment knocks roughly $136 off the balance.
Keep paying $250 and the card is clear in 2 years 9 months, with $2,101 of interest along the way.
Pay only the minimum (1% of the balance plus interest, at least $35) and it takes about 18 years and $9,927 of interest, more than the original balance.
To be debt-free in 3 years, the amount your statement shows in its 36-month box, you'd pay $231.95 a month and $2,350 of interest in total.
Ways to get there faster
- Pay a fixed amount, not the minimum. The minimum falls as your balance falls, which is what stretches repayment over decades. A fixed payment doesn't.
- Stop adding to it. Put the card away while you pay it down, and use a debit card or cash for day-to-day spending.
- Cut the rate. A balance transfer card or a debt consolidation loan at a lower APR can save a lot, as long as you count the fees and don't run the card back up. Check a loan's cost with the loan calculator.
- Ask your issuer. Some card issuers will lower the APR or offer a hardship plan if you call and ask, especially with a good payment record.
Questions people ask
Why does paying the minimum take so long?
Because most of each minimum payment goes to interest, and the minimum shrinks as the balance does. Your statement is required to show how long minimum payments would take, and what you'd need to pay each month to finish in three years.
I have several cards. Which should I pay first?
Pay the minimum on all of them and put every extra dollar on one card: the highest APR saves the most interest (avalanche), the smallest balance gives the quickest win (snowball). The debt payoff planner compares both with your real cards.
Should I pay off my card or build savings first?
Keep a small cushion first so a surprise bill doesn't go straight back on the card, then attack the balance. Card interest usually costs far more than savings earn. The emergency fund calculator helps you size that cushion.
Sources
- Consumer Financial Protection Bureau: the box on your bill that shows how to pay off the balance in three years
- Consumer Financial Protection Bureau: Regulation Z, Appendix M1 (repayment disclosures)
- Federal Reserve: consumer credit (G.19), interest rates on credit card plans
Reviewed September 26, 2026 by The Dollars World team. How we build and check our calculators · Our data and formulas. This is general information, not financial advice.