Credit Card Payoff Calculator

Credit card debt can be expensive due to high interest rates. Understanding how long it will take to pay off your balance and how much interest you'll pay can help you create an effective repayment strategy.

Tips to Pay Off Credit Card Debt Faster

• Pay More Than Minimum: Always pay more than the minimum due to reduce principal faster
• Stop Using the Card: Avoid adding new charges while paying off existing debt
• Balance Transfer: Consider transferring to a lower interest rate card
• Debt Avalanche Method: Pay off highest interest rate cards first
• Automate Payments: Set up automatic payments to avoid missing due dates
• Round Up Payments: Pay ₹5,500 instead of ₹5,000 to accelerate payoff

Understanding Credit Card Interest

Most Indian credit cards charge interest rates between 36-48% per annum (3-4% per month). Interest is calculated on the outstanding balance after the interest-free period (usually 45-50 days). Making only minimum payments can keep you in debt for years.