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Credit Card Repayment Calculator Help - Website Disclaimer

Welcome to the Federal Reserve’s Credit Card Repayment Calculator. Based on the information you provide, the calculator will give you an estimate of how long it will take you to pay off your credit card balance. The calculator assumes:
  • you make no more charges; and
  • you make only the minimum payment each month.

A second calculation can help you develop a plan for paying off your balance sooner.

Please use your most recent credit card bill. You may get a more accurate estimate from your credit card issuer’s website.

How long will it take me to pay off my credit card balance if I make only the minimum payment?

$   Help - My total balance  
Help - My highest APR  
     
    (Please scroll down to see your results)
You have entered a balance of $1,234 at 18.00%. We estimate that:
$25 Estimated initial minimum payment Help - My initial payment
11 years Amount of time to pay off your balance, if you make no more charges and make only the minimum payment on time each month
$1,565 Interest charges you will pay in that amount of time
This is an estimate based on the information you provided and assumptions made about your account. The actual time and cost to pay off your balance by only making the minimum payment will depend on the terms of your account and future account activity. Help - Frequently Asked Questions


How do I pay off my credit card balance sooner?

The following estimates are based on your balance of $1,234 at 18.00%.

I want to pay off my credit card balance in a specific number of years:

GET MONTHLY PAYMENT


or
I want to pay a specific amount each month:

GET TIMEFRAME

Last Update: April 21, 2009

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