How Can I Figure How Long it Will Take Me to Pay Off My Credit Card?

If you carry a large balance on your credit card, you are paying hundreds or thousands of dollars in interest to your credit card company every year. Paying off your credit card will save you money on interest charges and increase your credit score by decreasing the percentage of your available credit that you are using. Figure out how long it will take to pay off your credit card by looking at the numbers included on your credit card bill or entering information about your balance and interest rate into an online credit card payment calculator.

Instructions

From Credit Card Statement

1

Find the area on your most recent credit card statement that lists the number of months it will take to pay off your bill if you make only the minimum payment every month. This should appear near the area that lists your minimum payment for the current bill. This only applies if you make no further purchases with the card.

2

Look on the credit card bill for the area that states how much you will have to pay per month to pay off your entire bill in 36 months. If you make this fixed payment amount every month for three years without making any more charges on your credit card, your credit card will be completely paid off at the end of those three years.

3

Pay the full amount of the unpaid balance plus interest charges listed on your credit card bill to pay off the credit card immediately.

With Online Calculator

4

Go to a webpage with an online credit card payment calculator, such as the one listed in the Resources section.

5

Type in the current balance on your credit card. This can be found on your most recent statement. If you have made charges since then log into the online account management for your card to find a more accurate amount.

6

Type in the interest rate or APR for your credit card. Find this number on your most recent bill.

7

Estimate the amount you plan to charge on your credit card every month while you are paying it off. You will be able to pay it off much quicker if you stop using the credit card. Type this amount, or zero if you plan to stop using the card, into the credit card calculator.

8

Type in the amount of the monthly payment you plan to make on the card every month while you pay it off.

9

Press "Calculate" to find out how many months it will take you to pay off your credit card.