Credit card payoff calculator

Take control of your credit card debt with personalized plans for smarter, efficient repayment.1
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Your credit card payoff plan 🚀
Your payoff plan
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How to use EarnIn’s Credit Card Payoff Calculator
The Credit Card Payoff Calculator is an easy-to-use tool designed to help you understand your debt repayment journey and create a personalized plan to get your balance to zero. To use it, you’ll just need some basic info about your card and how you use it:
Next, you’ll choose one of two options:
Once you’ve entered your info, click the button to see your results. You’ll see your expected monthly payment and estimated debt-free date, calculated based on your card’s details.

How to pay off credit card debt: Effective strategies
Once you know how long it will take to pay off your credit card and what your monthly payments should be, you simply need a plan to follow.
Here are some of the most popular strategies for paying off your credit card balances:
Snowball method
If you have multiple credit cards accumulating interest, the question is which to pay off first. With the snowball method, you start by paying off your smallest balance while making minimum payments on your other cards. Each time you pay off one card, you switch focus to your next smallest debt.
The biggest benefit of the snowball approach is the psychological boost you get from quickly paying off smaller debts. This sense of accomplishment keeps you motivated and committed to your debt repayment plan.
Avalanche method
The debt avalanche approach prioritizes paying off cards with the highest interest rates first. After paying off each card, move on to the card with the next highest rate until they’re all paid off.
By attacking high-interest debt, you minimize the overall interest paid during your debt repayment journey.
The debt avalanche method may not provide the same immediate gratification as the debt snowball approach, but it can save you money in the long run and is one of the best tips for paying off debt.
Balance transfer credit cards
Balance transfer cards let you transfer the balances from all your credit cards onto a single card. Many balance transfer cards offer introductory 0% APR promotions, enabling you to transfer high-interest balances and pay them off interest-free for a set period. Some companies also allow you to negotiate a lower long-term interest rate.
Moving your balances to one card might mean saving on interest charges and simplifying your repayment plan by combining multiple debts into one monthly payment. This is called consolidation. But watch out for any transfer fees which could impact whether a balance transfer is right for you.
Personal loans
Another way to consolidate credit card debt is to take out a personal loan to pay off your balances. These loans often have lower interest rates than credit cards, giving you more flexibility in how long you take to pay that sum off. But longer repayment terms also mean more interest payments over time, so if you take out a personal loan to cover your credit card debt, you should still try to pay it off as quickly as possible and maximize your payments during any low-interest introductory period. Getting a good rate for a personal loan is usually contingent on your credit score, so this option is best for those with strong credit. If your credit score is too low, you might have high interest rates or upfront fees that aren’t worth the loan in the first place.

Tips for a debt-free future
Once you’ve seen your path to becoming debt-free on EarnIn’s Credit Card Payoff Calculator and devised a strong debt repayment strategy, follow these tips to make sure you stay on track:
Approaching your financial plan with these tips can help change your relationship with your debt and build a stronger foundation for long-term success.

Understanding what affects your credit score
High credit card usage can hurt your credit score because it suggests to lenders that you rely too heavily on debt.
Your credit card usage impacts a metric called the credit utilization ratio. This ratio is a percentage that indicates the amount of available credit you’re actually using.
Your credit utilization ratio decreases as you pay down your credit card balances, which can boost your credit score. A good rule of thumb is to try to keep your credit usage below 30%. And it’s essential to avoid going over your credit limit as this can hurt your credit score and lead to extra fees.
Late or missed payments can also damage your credit and lead to interest charges that cause your debt to spiral out of control, so make timely payments a priority.

Quick answers to great questions
How does my credit card interest rate affect how long it will take to pay off my card?
How can I negotiate lower interest rates on my credit cards?
How much do I need to pay off my credit card each month? 
How can EarnIn help my debt payoff journey?
How long will it take for my credit score to improve after paying off my credit card debt?