Credit card payoff calculator

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The credit card is a payment card issued by the financial company to the user that enables to pay a merchant for purchasing good and services. The cardholder agrees upon the conditions kept by the issuer and promise to pay back the original, borrowed amount with additional charges. Using the credit card has many benefits, like legal protection for cashback, collecting reward points etc, and also have some disadvantages like high interest, credit card fraud etc. The credit card debt can rapidly increase if the user doesn’t pay off the amount every month.

Tips for paying off credit card debt:

  • Start by setting a goal.
  • Stop using the credit card.
  • Prioritize debt.
  • Trim expenses to free up some cash.
  • Create the budget plan.
  • Use the most popular way to pay off credit card debt.
  • Another popular debt reduction strategy is a snowball method.
  • Use savings to pay debt down faster.
  • A debt consolidation loan or balance transfer could be a good option.
  • Refinance mortgage.

Debt snowball:

The debt snowball technique focuses on small wins and builds strength over a period of time. In this method, the user starts paying off credit card debt in small amounts and paying the minimum on the rest. The pros and cons of debt snowball are:


  • Starting with small payments can provide fast win and get success in paying off the debts.
  • It’s a proven and true method to pay off debt.
  • As user eliminates smaller balance then the user can free up extra funds to point out on the next balance.


  • It may take longer to pay off the debt.
  • The user may pay more in the form of interest in over the time period.

Debt avalanche:

The debt avalanche technique is not similar to the debt snowball. It mainly focuses on the highest interest rate than the smallest balance. In this method, payments start with higher interest rates and paying the minimum balance on the rest of the debt. The pros and cons of debt avalanche are:


  • User can save a lot of money on the interest.
  • User will pay off the debt faster.


  • It is hard to sustain motivation.
  • It feels like the pay off the high-interest debt takes forever.

Dealing with High-interest rates:

They are some ways to lower the high-interest rates.

  • Apply for credit cards with lower interest rates and transfer the balance to the high-interest cards.
  • Take low-interest rate loans and pay off the credit card debts.
  • Contact credit card companies and try to convince them to negotiate decrease interest rates or balance.

The components in the credit cards calculator:

  • Monthly budget set aside for credit cards.
  • Credit card info: card name, the balance available, minimum payment, and interest rates.

This calculator is used to create payments schedules of multiple credit cards using debt avalanche techniques and evaluate the repayment of the single credit card. It helps to arrange proper repayments of multiple CCs.