See exactly when you'll be debt-free and how much interest you'll pay at your current rate.
Current Balance ($)
$
Annual APR (%)
%
Monthly Payment ($)
$
Debt-Free In
— months
Estimated payoff date
Total Paid
—
all payments
Total Interest
—
cost of debt
Interest %
—
of total paid
Min. Payment
—
~2% balance
Min. Pay Interest
—
if min only
Monthly Interest
—
first month
⚠ Your monthly payment is too low to cover interest — you'll never pay off this debt at this rate.
The True Cost of Credit Card Debt
Credit cards typically charge 18–29% APR — one of the highest interest rates available. At 22% APR on $8,500, you're paying ~$157/month in interest alone. A $300 payment only reduces your balance by $143.
Months to payoff = −log(1 − r × B / P) / log(1 + r)
r = monthly rate (APR/12) · B = balance · P = payment
Payoff strategies
Avalanche method: Pay minimums on all cards, put extra money on highest APR first — saves the most interest
Snowball method: Pay smallest balance first — psychologically motivating
Balance transfer: Move debt to a 0% APR card (12–21 month offer) — can save thousands if paid off in time
Credit Card FAQ
Paying only the minimum (typically 2% of balance) on $8,500 at 22% APR takes over 30 years to pay off and costs more than $12,000 in interest — more than the original debt. Always pay more than the minimum.
Yes, if you can pay off the balance within the 0% promotional period (usually 12–21 months). Factor in the balance transfer fee (typically 3–5%). On $8,500 with a 3% fee ($255), you still save thousands vs. paying 22% APR.