💳 Credit Card & Debt Calculators
Take control of your debt with our comprehensive credit card and debt payoff calculators. Create a payoff plan and become debt-free faster.
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All Credit Card & Debt Tools
Credit Card Payoff Calculator
Debt Snowball Calculator
Debt Avalanche Calculator
Balance Transfer Calculator
Credit Utilization Calculator
Minimum Payment Calculator
Credit Card Interest Calculator
Debt Consolidation Calculator
Debt to Income Ratio Calculator
APR Calculator
Credit Score Simulator
Rewards Calculator
Credit Card & Debt Management Guide
💸 The Minimum Payment Trap
Making only minimum payments (typically 2% of balance) keeps you in debt for years or decades. On a $5,000 balance at 18% APR, minimum payments take 20+ years and cost $6,000+ in interest. Paying even $50 extra per month dramatically reduces both time and cost.
❄️ Debt Snowball vs. Avalanche
Snowball: Pay off smallest balance first for quick wins and motivation.Avalanche: Pay off highest APR first to save the most money. Both work! Choose snowball if you need motivation, avalanche if you want maximum savings. The best method is the one you'll stick with.
📊 Credit Utilization Matters
Credit utilization (balance ÷ credit limit) is 30% of your credit score. Keep it below 30%, ideally below 10%. If you have a $10,000 limit, keep balance under $3,000 (preferably $1,000). Paying down cards significantly improves your score quickly.
🔄 Balance Transfer Strategy
0% APR balance transfer offers can save thousands in interest. Typical offers: 0% for 12-21 months with 3-5% transfer fee. Worth it if you can pay off balance during 0% period. Calculate: if interest savings exceed transfer fee, transfer! Make aggressive payments before 0% expires.
🎯 5-Step Debt Freedom Plan
- Stop using credit cards - No new debt while paying off existing debt
- List all debts - Balance, APR, minimum payment for each card/loan
- Choose a strategy - Snowball (smallest first) or Avalanche (highest APR first)
- Pay minimums on all, extra on target - Focus extra payments on one debt at a time
- Celebrate and repeat - As each debt is paid, roll that payment to the next
💯 Improve Your Credit Score
Payment History
Never miss a payment. Set up autopay for at least the minimum. One missed payment can drop your score 100 points.
Credit Utilization
Keep balances low. Under 30% is good, under 10% is excellent. Paying down cards can boost your score in 30 days.
Credit Age
Longer credit history is better. Keep old cards open even if unused. Average age of accounts matters.
Credit Mix
Having different types of credit (credit cards, car loan, mortgage) helps slightly. Don't take loans just for this though.
New Credit
Too many new accounts or hard inquiries hurt your score. Space out credit applications by at least 6 months.