Paying off Credit Card Debt with Minimum Payments

This calculator is designed to show you how long it will take to pay off your credit card and how much interest you will pay if you only make the minimum monthly payment.
Loan Information
Credit Card Balance and Annual Interest Rate
Current Card Balance : ($)
Annual Interest Rate : (%)
Minimum Payment Requirement from the Most Recent Statement
Current Minimum Payment : ($)
Fixed Payment You Can Afford To Pay Every Month
Fixed Payment Amount : ($)
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Financial Analysis (Switch to Plain English)
You Can't Payoff Your Balance With Such a Monthly Payments
Plain English Help (Switch to Financial Analysis)

Credit card minimum payments may seem convenient on the surface, but only making the minimum payment each month can be quite costly - and, it can take you several years to finally get your credit card paid off.

Unfortunately, you cannot payoff your balance with such a monthly payments.

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or its applicability to your financial situation. Please consult your financial and/or tax advisor.