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How can I figure out how long it will take me to pay off my credit card balance?

Your credit card statement includes a box that shows how long it will take you to pay off your balance if you make only the required minimum monthly payments, and also how much you would have to pay each month to pay your balance off in three years.

There are many online calculators that will allow you to enter your specific amounts (of debt and anticipated payments) and tell you exactly how long it will take for you to be debt-free. A couple of calculators to try are the ones offered by the Bankrate.com and Navy Federal Credit Union.



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How can I figure out how long it will take me to pay off my credit card balance?


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