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↑ Up from 16% in 2022 21.5%
Avg CC APR in 2025
CFPB, 2025
Laertex
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Credit card payoff calculator
How fast can you kill this debt?
Enter your card details. We'll show you exactly how much this debt costs you — and what paying a little more each month actually does.
$60,000
Interest if you only pay the minimum
$2,001
Interest with your extra payment
$57,999
Money you keep by paying extra
47y
Sooner you'll be debt-free
By adding just $100/month,
you save $57,999 in interest
and get out of debt 47y sooner.
Your balance over time
The gap between the lines is real money that stays in your pocket.
Minimum payments only
With your extra payment
At minimum payments only you'll be debt-free in 50y. With your extra payment, done in 3y.
Frequently asked questions
Credit card payoff — your questions answered
Everything you need to know about getting out of credit card debt faster.
It depends on your balance, APR, and monthly payment. On a $5,000 balance at 21% APR paying only the minimum (~$125/month to start), it takes approximately 22 years and costs over $7,500 in interest. By paying $300/month instead, the same balance is cleared in under 2 years at roughly $800 in total interest. Use the calculator above to see your specific timeline.
A good rule of thumb is to pay at least 3–5% of your balance each month, rather than the minimum required. For faster payoff, aim for the largest fixed amount you can afford consistently. Paying more than the minimum — even by $25 or $50 — compresses the payoff timeline significantly and substantially reduces total interest paid.
Yes, significantly. Credit card interest compounds daily, so reducing your principal balance faster means less interest accrues each day. Even a small extra payment applied consistently — say $50/month on a $3,000 balance at 24% APR — can cut your payoff time by 3–5 years and save hundreds of dollars in interest charges.
The avalanche method means paying the minimum on all your credit cards except the one with the highest APR — then directing any extra money at that highest-rate card first. Once that card is paid off, you roll that payment to the next highest rate. This approach minimizes the total interest you pay over time and is mathematically optimal for saving the most money.
Paying only the minimum keeps your account in good standing but keeps you in debt much longer. Minimum payments are typically 1–2% of your balance, just barely outpacing the interest that accrues each month. On a $5,000 balance at 24% APR, paying only the minimum means you will pay nearly twice the original amount in total before the debt is cleared — and it will take over 20 years.
In most cases, paying off high-interest credit card debt (15–29% APR) first is the mathematically better choice, because the guaranteed 'return' of eliminating 24% interest beats the expected return of most investments. A common exception: if your employer offers a 401(k) match, contribute enough to capture the full match first — that is an instant 50–100% return — then direct remaining money toward credit card debt.