The Yahoo Finance credit card debt calculator shows you exactly how many months it will take to pay off your debt. Simply enter your balance, interest rate, and monthly payment amount, and we will handle the rest.
Alternatively, you can specify how many months you want to pay off your debt, and we’ll calculate how much your monthly payment must be to meet that goal.
Pay off debt with a balance transfer credit card
Credit card calculators are beneficial when used with recommended debt repayment plans, such as using balance transfer credit cards.
The best balance transfer credit cards provide a 0% introductory rate on balance transfers for a limited time, often 12 to 18 months. You are not required to pay interest on any eligible transferred balances during the promotional period.
This allows you to pay off debt without worrying about excessive interest rates, which could be a great opportunity to become debt-free. Remember that you usually have to pay a balance transfer charge, so using a balance transfer card only makes sense if the interest you can save outweighs the fees.
Other debt repayment techniques
Consider these two popular ways to pay off debt. It’s worth noting that these tactics can be combined with interest-free periods on 0% APR credit cards or used on their own; it all depends on what works best for your financial goals and scenario.
Debt snowballs
The debt snowball strategy focusses on repaying your smallest debt first. After calculating your income and costs, you would allocate any additional funds to paying off your smallest debt. Once the loan is paid off, you proceed to the next smallest bill.
This method makes sense for keeping your motivation high while paying off your debt. It will not save you more money in total interest than the debt avalanche technique, but it is not as important as actually paying off your debt.
Debt avalanche
The debt avalanche technique focuses on paying off your debt with the highest interest rate first. Once you’ve paid off your loan with the highest interest rate, you’ll move on to the debt with the next highest rate.
This technique makes sense for saving money on interest while paying off debt. This plan should save you more money during the repayment process than the debt snowball method.
