Find out exactly when you'll be debt free, how much interest you'll pay, and how extra payments save you thousands.
A $5,000 balance at 22% APR with $200/month payments takes about 32 months to pay off, costing $1,300 in interest. Increasing to $300/month cuts it to 19 months and saves $550 in interest. Paying only the minimum ($100) takes 8+ years and costs $4,000+.
| Monthly Payment | Months to Payoff | Total Interest | Total Paid |
|---|---|---|---|
| $100 (minimum) | 97 months (8+ yrs) | $4,311 | $9,311 |
| $150 | 46 months | $1,847 | $6,847 |
| $200 | 32 months | $1,296 | $6,296 |
| $300 | 19 months | $746 | $5,746 |
| $500 | 11 months | $422 | $5,422 |
Doubling your payment from $100 to $200 saves $3,015 in interest and 65 months of payments.
| APR | Months | Total Interest | Card Type |
|---|---|---|---|
| 0% (balance transfer) | 25 | $0 | Promo BT card |
| 15% | 29 | $828 | Good credit |
| 22% | 32 | $1,296 | Average card |
| 26% | 34 | $1,618 | Fair credit |
| 30% | 36 | $1,963 | Poor credit / store card |
Credit card interest is calculated daily on your outstanding balance using your Annual Percentage Rate (APR) divided by 365. On a $5,000 balance at 22% APR, you're charged about $3.01 per day, or roughly $92 per month in interest alone. Of a $200 monthly payment, only $108 actually reduces your balance — this is why credit card debt takes so long to pay off with minimum payments and why paying more than the minimum is critical.
The average US credit card APR in 2026 is 20-24%, making credit cards one of the most expensive forms of borrowing. If you're carrying a balance, consider a 0% balance transfer card to stop the interest clock while you pay down the principal. Use our Personal Loan Calculator to see if consolidating at a lower rate makes sense.
At 22% APR with $200/month, about 32 months costing ~$1,300 in interest. With only $100/month, 8+ years and $4,000+ in interest. Paying more dramatically reduces both time and cost.
Most of your payment goes to interest. $5,000 at 22% APR with $100/month takes 8+ years and costs $4,000+ in interest — nearly doubling what you owe. Always pay more than the minimum.
Avalanche method: target highest-APR card first (saves most money). Snowball method: target smallest balance first (psychological wins). Mathematically, avalanche saves the most.
A 0% APR balance transfer can save hundreds in interest — but watch for 3-5% transfer fees and make sure you pay off before the promo period ends (usually 12-21 months).
On $5,000 at 22% APR, about $92/month in interest. Of a $200 payment, only $108 reduces the balance. This is why credit card debt is so expensive.
Yes, significantly. Reducing credit utilization (balance ÷ limit) from 80% to 30% can boost your score by 50-100 points within a billing cycle.
Average APR in 2026 is 20-24%. A "good" rate is 15-18% (excellent credit 750+). The best strategy is paying the full balance monthly — APR only matters if you carry a balance.
Minimum payments barely cover interest. Even an extra $50/month on a $5,000 balance saves thousands and years of debt. Double the minimum, halve the payoff time.
Pay minimums on all cards, throw extra money at the highest-APR card. This saves the most interest mathematically. Switch to snowball only if you need motivational wins.
A 0% APR balance transfer card stops the interest clock for 12-21 months. Pay as much as possible during the promo period. Just factor in the 3-5% transfer fee.
Paying off debt while still spending on the card is like bailing water with a hole in the boat. Switch to cash or debit for daily spending until the card is paid off.
Call your card issuer and ask for a lower rate — especially if your credit score has improved or you've been a long-term customer. Even 2-3% lower saves hundreds on a large balance.
Set up autopay for more than the minimum to avoid missed payments (which trigger penalty APRs of 29%+) and ensure consistent debt reduction.