Updated
When you owe money on your credit cards, you may be eager to become debt free as soon as possible. But figuring out how long to pay off credit card debt can be a challenge. That's because your payoff timeline depends on your:
- Credit card balance
- Interest rate
- The amount you pay (minimum due or more)
This guide will help you determine how long it will take to pay off credit card debt, as well as how to choose a payoff method that works for you.
How long does it take to pay off a credit card with minimum payments?
It depends, but in general it takes a very long time to get out of credit card debt by making the minimum payments alone. Credit card companies tend to set a very low minimum payment, and that amount affects how long it takes to pay off credit card debt. The minimum payment depends on the balance due and the interest rate.
For example, say you have a credit card account that charges 18% interest, and you have $10,000 in credit card debt. If the minimum payments are equal to interest plus 1% of the balance, it would take 342 months to pay off the debt by making minimum payments alone. That's 28.5 years.
During that time, you'd pay $14,423 in interest. That's much more than the original balance on the card.
Credit card payoff calculator
One of the easiest ways to figure out how long it will take to pay off credit card debt is to use a credit card payoff calculator.
A credit card payoff calculator works for both a secured vs. unsecured credit card, since they have similar repayment processes.
To get a personalized payoff schedule, take into account:
- The balance due
- Interest costs
- Amount you pay each month
- Desired timeline to pay
Try out this calculator to see how it works.
Credit Card Payoff Calculator
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Whether you have a secured credit card or an unsecured credit card, knowing your payoff timeline helps you plan how long to pay off credit card debt and how long to include credit card payments in your budget.
How long to pay off credit card debt with extra payments
If you want to pay off debt more quickly, you'll need to make extra credit card payments and pay above the minimum.
Let's say you had that same $10,000 credit card debt at 18% interest mentioned above, and you made a $350 payment every month until it was paid off. In that case, you'd be free of your debt in 38 months. That's 304 months, or just over 25 years, faster than making minimum payments alone. You'd pay only $3,156 in interest, saving $11,267 dollars.
If you can afford it, making a fixed payment each month that is well above the card's minimum payment will help you pay off a credit card faster. You can also put extra cash toward your balance when it becomes available to accelerate payoff.
How to pay off multiple credit cards
If you have multiple credit cards, decide which to prioritize if you are making extra payments. Make the minimum payment on each card and then choose one card at a time to pay extra to.
Here are two popular methods of paying off multiple credit cards:
- Debt snowball: With this technique, you continue making minimum payments on all cards, but you put any extra money toward your lowest balance first. If you're focused on efficiency, be aware that this approach could take longer and be more expensive. That's because you don't pay the card with the highest balance first.
- Debt avalanche: Make payments on your highest-interest debt first (while still making minimum payments on all cards). This approach could allow you to become debt free sooner and pay less interest. But it may be harder to stay motivated if you don't have quick wins (like paying off smaller balances first).
How long to pay off credit card debt with the debt snowball method
Say you can afford to pay $350 per month toward credit card payoff and you have three credit cards with the following interest rates and balances:
| Card 1 | Card 2 | Card 3 | |
|---|---|---|---|
| Balance | $5,000 | $4,000 | $1,000 |
| Interest Rate | 26% | 17% | 14% |
| Minimum Payment | $159 | $97 | $22 |
Credit Card Examples
With the debt snowball method, you would make minimum payments on each, but put extra money toward the smallest balances first:
- Pay off card 3 first
- Next, pay off card 2
- Finally, pay off card 1
It would take you 42 months to pay off all three cards, and you'd pay $14,367 total.
RELATED: Check out The Ascent's debt snowball calculator to see which debts you should pay off first when using this method.
How long to pay off credit card debt with the debt avalanche method
Using the same three cards as above, you can also calculate how long to pay off credit card debt using the debt avalanche.
This approach would take you 40 months, and you would pay back $13,740 total. You'd be debt free two months sooner with the debt avalanche -- and save $627 in interest.
How to pay off a credit card faster
If you want to pay off a credit card faster, several techniques could reduce the payoff time. These typically center on lowering the card's interest rate so more of each payment goes toward reducing the principal.
Two of the best options are a balance transfer and a personal loan.
Can a balance transfer help with credit card payoff?
Yes, a balance transfer can help you reduce the interest rate on credit card debt. In many cases, a balance transfer credit card has a 0% APR introductory rate for a limited time. That means you don't pay interest during that time period.
Ideally, you'll be able to pay off the full balance before the 0% rate expires. Otherwise, the rate will go up. But sometimes, a balance transfer could still save you money even if you can't fully repay the loan before the intro rate ends. That's because you will have a long time to pay off principal before owing interest.
A balance transfer calculator can help you figure out how long to pay off credit card debt after transferring a balance as well as how much a balance transfer could save you.
Say you had an existing card with:
- An 18% interest rate
- A $5,000 balance
- $200 monthly payment
It would take 32 months to pay off the debt.
Now, let's assume you transferred the balance to a card with:
- A 12-month 0% introductory rate
- An 18% standard interest rate
- A 3% balance transfer fee
In that case, you could pay off the new balance transfer card in 27 months. Plus, with the balance transfer, you'd save $810 in interest.
You can use this balance transfer calculator to see how much transferring a balance could save you.
Credit Card Balance Transfer Payoff Options
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Adjusted Plan With Balance Transfer Card
Based on the information entered, a balance transfer credit card would cost you more money in the long run. You may want to consider a personal loan instead.
Can a personal loan help with credit card payoff?
Yes, a debt consolidation loan can also help you pay off credit card debt sooner, and it can often save you on interest. A personal loan is a common option for a debt consolidation loan. Typically, you'd want an unsecured personal loan rather than a secured personal loan. With a secured loan, you would have to pledge collateral, which means putting assets at risk.
If a lender is willing to give you a personal loan at a lower rate than your credit cards, more of your money goes to principal, which affects how long it takes to pay off credit card debt. Fixed-rate personal loans come with fixed monthly payments and a set payoff schedule -- so there's no uncertainty about how long it will take to pay off credit card debt.
Say you had the same three credit cards mentioned above in the snowball vs. avalanche example:
| Card 1 | Card 2 | Card 3 | |
|---|---|---|---|
| Balance | $5,000 | $4,000 | $1,000 |
| Interest Rate | 26% | 17% | 14% |
| Minimum Payment | $159 | $97 | $22 |
Credit Card Examples
If you could qualify for a $10,000 personal loan at 7% interest with a five-year payoff time, you could pay off all three credit cards. Your monthly payments would drop from $278 to $198. Your total repayment costs would be about $11,880 with the personal loan. And you would have your loan paid off in five years as long as you didn't miss any payments.
If you didn't consolidate, your repayment time and total costs would vary based on how much you decided to pay each month above the minimum and the order you decided to pay off debt. So it would be less clear how long it would take to pay off credit card debt if you didn't consolidate.
Should you pay off a credit card all at once?
Whether you have a secured credit card or unsecured debt, there's typically no reason not to pay off the card all at once if you can afford to.
In fact, if you have a secured credit card and you made a fixed deposit, you may want to pay off the card as soon as possible if you hope to close the card and get back the deposit you made to qualify for it. That's especially true if you're paying an annual fee and no longer need the card.
Paying off a credit card all at once will not hurt your credit score as long as you don't close the account. (You'll also avoid interest.) In fact, it can help your score since you'll reduce your credit utilization ratio. That's the ratio of credit used relative to your credit limit.
If you're going to take out a large loan, such as an auto loan or mortgage, paying off credit card debt in a lump sum could potentially help you qualify for a better rate on your loan.
However, you also need to be careful not to jeopardize your financial security by using all your money to pay off credit card debt in a lump sum. You don't want to drain your savings account and have no money for emergencies.
Does carrying a balance help your credit?
No, you do not have to carry a balance on credit cards to develop a positive credit history. In fact, when you pay your balance in full, lenders report a lower credit utilization ratio to each credit bureau. Ideally, your ratio should be below 30% to avoid hurting your score and risking low credit. But a lower ratio is even better.
Your credit score is very important. Many companies you do business with will perform a credit check, including landlords and lenders. If you have a good credit score or excellent credit and your credit report has no black marks, you will qualify for better terms. For example, you might be able to rent an apartment with a lower security deposit or get a better loan rate.
The good news is, since paying off a card doesn't hurt your credit, there's no reason not to get to work on repayment. Now you know how long it takes to pay off a credit card. So you can adopt the technique that works best for you and become debt free as soon as possible.
Credit card comparison
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
| Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
|---|---|---|---|---|---|
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 17.24% - 28.24% Variable APR |
|
|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
|
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. | 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. |
Intro: N/A Purchases: N/A Balance Transfers: N/A Regular: 21.49%-28.49% Variable |
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Still have questions?
Some other questions we've answered:
FAQs
-
There's no single answer because it depends on what minimum payment your card issuer sets and what your balance is.
In many cases, it can take decades, and interest can cost more than double the initial purchase amount if you make only minimum payments. A credit card payment calculator can help you see how long it will take to pay off your debt.
-
It depends on the amount you owe, the interest rates on each card, and the method used to repay the debt.
Consolidating your debt using a balance transfer credit card or personal loan can reduce your rate and sometimes reduce monthly payments. It can cost less over time. And a personal loan can provide more certainty as to how long it will take to pay off credit card debt.
-
No. By doing this, you can improve your credit score by lowering your credit utilization ratio. And you can save on interest charges. Just make sure not to drain your emergency fund or risk other financial goals by making a lump sum payment.
Our Credit Cards Expert
Christy Bieber is a full-time personal finance and legal writer with more than a decade of experience. She has a JD from UCLA as well as a degree in English, Media and Communications with a Certificate in Business Management from the University of Rochester. In addition to writing for The Ascent and The Motley Fool, her work has also been featured regularly on MSN Money, CNBC, and USA Today. She also ghost writes textbooks, serves as a subject matter expert for online course design, and is a former college instructor.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Please note that this calculator is not personalized financial advice and should not be considered or used as such. Nor are we promising that by use of this calculator, will you be able to save more money, preserve wealth, or otherwise.
Christy Bieber has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Avalanche. The Motley Fool has a disclosure policy.