Fact: If you can only pay the minimum on your credit cards, you could be in debt for decades.

Use our Credit Card Payoff Calculator to see for yourself!

    By consolidating their credit card debt through our non-profit program, our typical clients:

  •    Reduce their interest rates by 64%
  •    Save 25% on their monthly payments
  •    Pay off their credit card debt in just 50 months!

Call (888) 569-6704 to see how much YOU could save.

Credit Card Payoff Calculator
Free credit card payoff calculator by Bankrate.com

This credit card payoff calculator is a great tool to use if you’re looking to determine how long it will take you to pay off your credit cards at the interest rates you’re currently being charged. Another great thing about this calculator is that once you see how long it will take you at your current rate, you can then take a look at how long it will take you to pay off your balances if you had a reduced interest rate.

How should I use this calculator?

When you’re using this credit card payoff calculator, it’s important that you enter accurate information in order to get a realistic forecast. However, even if you don’t have precise information, this calculator will still give you an idea of what a reduction in your interest rates will do for your payoff time. For example, consumers who contact our agency have an average interest rate of 22%. Our clients, on the other hand, enjoy interest rate reductions down to an average of just 8%!

Here’s an example: If you have a balance on one of your credit cards of $4,000 with a 22% interest rate, but you’re only able to afford the minimum payment of $85.00, for example, it will take you 10 years and 8 months to pay off this balance. On the other hand, let’s say the interest rate was only 8% on that same balance (the average interest rate a Cambridge client pays); by making a payment of $85 per month, it will now only take you 5 years to pay off that same balance!

That’s not all. At a 22% interest rate, you’ll pay approximately $6,395 in interest during that decade. However, at an 8% interest rate on the same balance, you’ll pay only $865 in interest over just 5 years, saving you a total of $5,528! It’s easy to see the incredible amount of time and money you could save through our program.

We hope that you find this credit card payoff calculator helpful! If you’d like to set up an appointment for a FREE, one-on-one consultation with one of our certified credit counselors, please either complete the form below, or simply call (888) 569-6704.

credit card savings comparison

Why choose Cambridge Credit Counseling?

Cambridge has been providing consumer credit counseling and financial education services nationwide since our inception in 1996. Our nationally certified counselors are among the most respected in the profession, averaging more than 12 years’ experience in helping people get out of debt. Cambridge is a 501(c)(3) non-profit agency with an A+ Better Business Bureau rating, and we’re proud to be the top-rated credit counseling agency by ConsumerAffairs.com. Cambridge is also a HUD-approved housing counseling agency, and we provide both bankruptcy and reverse mortgage counseling services. For a complete listing of license information, please visit our credit counseling disclosures page.

See how much you could save.
Get a FREE debt analysis now!

Or call (888) 569-6704

to speak with a counselor now!


Don't forget to schedule your
FREE debt evaluation.

Our average client saves $142 every month on credit card payments!


Or call (888) 569-6704

to speak with a counselor now!