A credit card payoff calculator is a tool that helps you determine how long it will take to pay off your credit card debt and how much interest you will pay over that time. To use a credit card payoff calculator, you will typically input information such as your current credit card balance, interest rate, and the amount of your monthly payment.
The calculator will then provide an estimate of how long it will take to pay off the debt and how much interest you will pay over that time. It will also provide an estimate of the total payments you will make over the life of the debt.
You can also try different scenarios to see how paying more than the minimum payment can reduce the time and interest you pay.
Some credit card payoff calculators also let you input multiple credit cards, so you can see the total time and interest you would pay if you were to pay off all of your credit card debt at once, or if you were to pay off one card at a time, starting with the card with the highest interest rate.
It’s important to note that the results provided by a credit card payoff calculator are estimates and may not reflect your actual credit card payments, always consult your credit card statement for accurate information.