How long will it take to pay off my debt?
It depends on your balance, annual percentage rate, and monthly payment. This calculator amortizes your balance month by month. High APRs and low payments can stretch payoff to decades, which is why minimum payments are so costly.
Why is my balance barely dropping?
On high-APR credit cards, most of a small payment covers interest, leaving little for principal. When your payment is near the monthly interest charge, the balance falls slowly. Paying more than the minimum accelerates principal reduction.
When should I consider bankruptcy instead of paying it off?
If you cannot realistically pay off unsecured debt within a few years, Chapter 7 may eliminate it or Chapter 13 may reorganize it. Compare your payoff timeline against bankruptcy with a bankruptcy attorney.
How much can extra payments save?
Because extra payments apply directly to principal, they reduce both payoff time and total interest. Adding even a small amount to each payment can save thousands of dollars and years on high-interest balances.