Credit Card Payoff Calculator
See how fast you can clear card debt, compare payoff strategies and save on interest.
Credit cards charge 36–42% annual interest in India — the most expensive common debt. Paying only the 5% minimum on a ₹1 lakh balance at 42% APR keeps you in debt for years and costs more in interest than the original spending. Paying ₹5,000/month instead clears it in about 2 years.
How to use the credit card payoff calculator
- Enter your total card balance and APR.
- Enter what you can pay monthly.
- See your debt-free date and total interest.
Credit Card Payoff Calculator — FAQs
Why is only paying the minimum so bad?
The minimum (usually 5%) barely covers the monthly interest at 42% APR, so the principal shrinks painfully slowly — a ₹1 lakh balance can take 5+ years to clear.
What is the avalanche vs snowball method?
Avalanche: pay highest-interest debt first (cheapest). Snowball: clear smallest balances first (more motivating). Avalanche saves more money.
Should I take a personal loan to clear card debt?
Often yes — a 12% personal loan replacing 42% card debt cuts your interest cost dramatically, provided you stop adding new card spending.
Does carrying a balance hurt my credit score?
Yes. High utilisation (balance vs limit) drags your CIBIL score down. Keep utilisation under 30%, ideally under 10%.
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