Credit Cards Payoff Calculator
This is a calculator designed for paying back multiple credit cards based on the amount you can afford monthly as well as the balance, interest and minimum payments of your credit cards. If you want to evaluate paying back one credit card only, please use credit card calculator.
A Credit Card is a form of unsecured loan often with high interest rate. Many people have more than one card. Credit card debts are a heavy burden for many people. The most common way to payback Credit Cards is just form a habit of paying back monthly and refrained in making unnecessary purchases. You should at least pay the minimum payment every month for each card to avoid penalty. To payback straight, the best way is to pay as much as you can on the card with the highest interest rate and pay the minimum payments for the other cards. The calculator above can give you a payback schedule and estimation of the payback length for each card.
If the interest rates of your credit cards are high, you may also consider one of the methods below to lower the interest rate:
- Apply for credit cards with lower interest rate and transfer the balance of the high interest rate card over. Find a list of good balance transfer credit cards. Be sure to read and understand the interest rate for balance transfer, fees, and other terms of the credit card before apply.
- Apply for a loan with lower interest rate and use it to pack back the credit cards first. House refinance, House Line of Credit, Personal Loan, etc are good candidates for this purpose. Be sure to understand fees and costs involved in applying the loans. You can use our personal loan calculator to estimate the real APR of the loan, which should be at least few points lower than your credit card interest rate to work.
- Contact the credit card companies and try to negotiate down the interest rate or balance. Most of the time, this won't work until you stops pay them for a while, which we do not recommend due to its negative impacts on your other personal finance.
If you are late in credit card payments, you may receive mails or phone calls from debt settlement companies. It is not recommended to use these companies.