Question 1

How long to pay off my balance?

Accepted Answer

Time depends on balance, APR, and payment size. N = -ln(1 - r*B/P) / ln(1 + r) (monthly rate r, payment P).

Question 2

What payment clears the debt in N months?

Accepted Answer

P = r*B / (1 - (1 + r)^(-N)).

Question 3

Why does minimum payment keep me in debt?

Accepted Answer

Minimums often scale with balance and barely cover interest, so principal falls very slowly.

Question 4

Which payoff method is best?

Accepted Answer

Avalanche (highest APR first) saves interest; Snowball (smallest balance first) boosts motivation.

Question 5

Does closing a card hurt credit?

Accepted Answer

It can raise utilization and reduce age of credit; consider keeping zero-fee cards open.

Credit Card Payoff Calculator