It can feel so easy to accrue debt — and so hard to get rid of it. Take a look at how increasing your monthly payments can accelerate the payoff.
People use credit cards instead of cash for many different reasons. They may charge a large, unexpected expense, want to earn rewards points, or just “treat” themselves a little too often. Other folks use credit cards because they are unemployed (or underemployed) and have no other options.
One thing, however, is for certain: High-interest credit card debt is the dark cloud that looms over many Americans. Swiping a card can feel so good in the moment, but when you get the bill every month and watch your minimum payment grow, your hopes of being debt-free begin to vanish.
If you’re ready to attack your debt and pay it off once and for all, making additional monthly payments can make a big difference. That extra money will accelerate your payoff and save you hundreds (maybe thousands) in interest payments.
Grab your most recent credit card statements and use our debt elimination calculator to figure out how much faster you can pay down debt with a bigger monthly payment. Be realistic with your additional payment amount — only pay what you can actually afford.
This credit card debt payoff calculator may help you analyze your financial needs, but the calculations do not infer any fiduciary duties. The Embrace Home Loans “how long will it take to pay off my credit cards?” calculator is just meant to be a helpful tool and calculations should not be construed as financial, legal, or tax advice. We cannot guarantee its accuracy and rates may change.