If you’re part of the 41 percent of Americans who carry credit card debt, you may have a financial goal to pay down your balance for good. Doing so can improve your credit health and save you money by eliminating interest payments that you pay on top of your balance owed. After all, the national average annual percentage rate (APR) sits around 17 percent — this is essentially a fee you pay for the privilege to borrow money from your credit card company.
Many factors determine what it will take to pay off your credit card balance, including the amount you owe, your card’s interest rate, annual fees, and any monthly charges you will continue to make on your card. If you want to pay off your credit card balance within a certain time frame (say, within the next three years), this debt calculator can help you determine what monthly payment will help you get there. On the flip side, if you have a certain amount of money you can use to pay down your balance each month, the repayment calculator can demonstrate how long it will take to make that final payment.
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