Credit Cards Payoff Calculator

Compare debt payoff strategies for multiple credit cards

The Credit Cards Payoff Calculator helps you compare different debt elimination strategies when you have multiple credit cards. Choose between the debt avalanche method (highest interest first) or debt snowball method (smallest balance first) to find the best approach for your situation.

Payoff Strategy

Debt Avalanche

Highest interest rate first

Debt Snowball

Smallest balance first

Extra Payment

Extra Monthly Payment ($)

This amount will be applied to the target card based on your chosen strategy

Credit Cards

Card 1

Card Name (Optional)

Balance ($)

APR (%)

Min Payment (%)

Card 2

Card Name (Optional)

Balance ($)

APR (%)

Min Payment (%)

Quick Scenarios

Payoff Analysis

Add your credit cards to compare payoff strategies

Debt Payoff Strategies Explained

Debt Avalanche Method

Strategy: Pay minimum on all cards, then put extra money toward the highest interest rate card first.

Pros: Saves the most money in interest charges. Mathematically optimal approach.

Cons: May take longer to see progress if highest-rate card has a large balance.

Best for: People motivated by saving money and comfortable with delayed gratification.

Debt Snowball Method

Strategy: Pay minimum on all cards, then put extra money toward the smallest balance first.

Pros: Quick wins build momentum and motivation. Reduces number of payments faster.

Cons: May cost more in total interest if small balances have low rates.

Best for: People who need psychological wins to stay motivated.

Tips for Successful Debt Payoff

Stop New Debt

Put credit cards away and use cash or debit only. New charges will derail your payoff plan.

Automate Payments

Set up automatic payments to ensure you never miss a payment and stick to your plan.

Find Extra Money

Use windfalls like tax refunds, bonuses, or side income to make extra payments.

Track Progress

Monitor your balances monthly and celebrate milestones to stay motivated.

Consider Balance Transfers

Look for 0% APR promotional offers to reduce interest charges temporarily.

Build Emergency Fund

Save $1,000 first to avoid using credit cards for unexpected expenses.

Example: 3-Card Debt Payoff

Scenario: $15,000 total debt across 3 cards, $300 extra payment

Card	Balance	APR	Min Payment
Card A	$8,000	24.99%	$160
Card B	$4,000	18.99%	$80
Card C	$3,000	15.99%	$60

Minimum Only

18 years

$18,500 interest

Debt Avalanche

2.5 years

$3,200 interest

Debt Snowball

2.7 years

$3,400 interest

Frequently Asked Questions

Which strategy should I choose?

Choose debt avalanche if you want to save the most money and are motivated by financial optimization. Choose debt snowball if you need psychological wins to stay motivated and prefer seeing accounts paid off quickly.

Should I close paid-off credit cards?

Generally no, unless there's an annual fee. Keeping old accounts open helps your credit score by maintaining your credit history length and keeping your credit utilization ratio low.

What if I can't afford the minimum payments?

Contact your credit card companies immediately to discuss hardship programs. They may offer reduced payments, lower interest rates, or payment plans. Consider credit counseling for professional guidance.