Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card debt and how much interest you'll pay.
Time to Pay Off
33 months (2 years 9 months)
Total Interest
$1,521
Total Amount Paid
$6,521
Payment Breakdown
Payoff Tips
- Paying an extra $50 per month would save you 228 in interest.
- Consider a balance transfer to a card with a lower interest rate to save on interest.
- Always pay at least the minimum payment to avoid late fees and credit score damage.
About Credit Card Debt Payoff Strategies
There are two main strategies for paying off multiple credit cards: the Avalanche Method and the Snowball Method.
Avalanche Method: Pay minimum payments on all debts, then put extra money toward the debt with the highest interest rate. This method saves you the most money in interest over time.
Snowball Method: Pay minimum payments on all debts, then put extra money toward the debt with the smallest balance. This method provides psychological wins as you eliminate debts faster, which can help maintain motivation.
The average credit card interest rate in Canada is around 19-20%, with some premium cards charging over 25%. Making only minimum payments can result in years of debt and thousands in interest charges.
Consider a balance transfer to a card with a low introductory rate if you have good credit. Many Canadian credit cards offer 0% or low-interest balance transfer promotions for 6-12 months.