Calculators Credit Card Payoff Calculator: When Could You Reach Financial Freedom? Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Mint Modified Jul 28, 2022 2 min read Advertising Disclosure The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service. Save more, spend smarter, and make your money go further Sign up for Free Have credit card debt? You’re not the only one. It’s reported that 43 percent of households carry credit card debt month after month. While credit cards can be a great tool to build your credit score, they can easily impact your budget. If you’ve detoured from your financial goals and racked up a hefty bill, now is the perfect time to create a payoff plan. Use our credit card payoff calculator to see when you could be financially free. Credit Card Payoff Calculator Enter your card details to calculate your payoff timeline. Credit Card Balance The total amount you owe on a specific debt account. Please enter your credit card balance Interest Rate The percentage amount your debt balance is charged for borrowing. Please enter your credit card interest rate. Choose One Desired Payoff Date The month and year you’d like to have your debt paid off. Monthly Payment The amount you put towards your credit card each month. Desired Payoff Date Please enter your desired payoff date. Monthly Payment Please enter your monthly payment. Calculate Reset Time to Payoff 30 Months Debt-Free Date Apr 2023 Monthly Payment $250.00 Total Paid$7,493.77 Total Principal $5,000.00 Total Interest $0.00 Tips for Paying Off Your Credit Card Debt Paying off credit card debt can seem daunting at times. Not to mention, 62 percent of Americans have held credit card debt over the past year. Achieving debt-free status may seem easier said than done, but with the right tools, you can reach your financial goals. To nix your credit card debt, use our calculator and follow our four steps below. 1. Track Debts You Have and Which to Pay Off First Start by listing out all your debt account balances and interest rates. From there, assess which accounts you would like to pay off first. For instance, some people like to pay off debts that have the highest interest rates to save on added expenses. Use our credit card payoff calculator to see which accounts would cost you more in the long-term. 2. See What Payments Work for Your Budget Once you have an idea of which accounts you’d like to focus on, figure out the right payments for your budget. Keep in mind, you should still make the minimum payments on debts to keep your credit score in good shape. To calculate how comfortable you are with these payments, download our app and evaluate your budget. 3. Negotiate Your Credit Card Terms If you have a strong credit score and loyalty to your credit card company, you may be able to negotiate your terms. For example, if you’d like your payment to be due on the 25th instead of the 10th of every month, call a representative and see what they can do. You may not always get what you ask for, but you won’t get what you don’t ask for! 4. Reprioritize Your Budget After you get a better idea of what your budget looks like, prioritize your expenses. As your wants and needs change, adjust your budget accordingly. Paying off credit card debt may not be as appealing as buying a new car, but it can be a more responsible financial choice depending on your situation. To ensure you’re staying on track with your biggest financial goals, always keep track of your budget using our app. Save more, spend smarter, and make your money go further Sign up for Free Previous Post The Future of Money: 6 Key Predictions Next Post How to Financially Prepare for Post-Pandemic Life Written by Mint Mint is passionate about helping you to achieve financial goals through education and with powerful tools, personalized insights, and much more. More from Mint Browse Related Articles Credit Info Suffering from Holiday Debt Hangover? 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