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Assumes no further spending on the card and a fixed monthly payment. Paying more than the minimum each month dramatically cuts both the time to clear the balance and the interest you pay.
Frequently Asked Questions
How long will it take to pay off my card?
It depends on the balance, the APR and your monthly payment. The number of months is n = −log(1 − balance × i ÷ payment) ÷ log(1 + i), where i is the monthly interest rate (APR ÷ 12).
Why won’t my balance go down?
If your monthly payment only covers the interest, the balance never falls. Your payment must exceed the monthly interest (balance × APR ÷ 12) for the debt to reduce at all.
Find out how long it takes to pay off a credit-card balance and how much interest you’ll pay at a given monthly payment.