Credit card payoff
The honest ledger: months to zero, interest paid getting there.
Debt-free in
54 months
The arithmetic of revolving debt
Interest compounds monthly on whatever remains:
balanceₙ₊₁ = balanceₙ × (1 + APR/12) − payment There is a closed-form shortcut, but the loop above is what actually happens to your money, so this calculator walks it. When the payment fails to clear the month's accrued interest, the balance rises forever — the striped warning names the floor instead of showing a fake date.
Assumptions on the counter
- Fixed payment each month; no new charges on the card.
- APR constant; promotional rates expiring will change the math.
- No late fees modeled; minimums here are your chosen figure.
Questions people ask
How long does it take to pay off a credit card?
It depends entirely on the payment relative to the interest. At $8,000 and 22.9% APR, paying $240 a month clears it in roughly 47 months with about $3,100 of interest. Pay only the typical minimum and the term stretches past a decade.
What happens if my payment is too small?
If the payment doesn't exceed one month's interest, the balance grows forever — this calculator shows a striped warning naming the minimum that at least covers interest, rather than an infinite answer.
Does making two payments a month help?
Slightly — most cards accrue interest on the average daily balance, so earlier payments shave a little interest. The dominant factor is still the total paid per month.