Calculate how long it will take to pay off your credit card balance and how much interest it will cost you.
Credit card debt is one of the most expensive forms of borrowing, with APRs often exceeding 20-30%. If you only make the minimum payment (typically 2-3% of the balance), a $5,000 balance at 22% APR would take over 20 years to pay off and cost thousands in interest. Increasing your monthly payment by even $50 can save hundreds or thousands in interest and cut years off your payoff timeline.