Calculate how long it will take to pay off your credit card balance and see the total interest costs.
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Frequently Asked Questions
Get answers to common questions about credit card payments and debt repayment strategies.
How are credit card payments calculated?
Credit card payments can be calculated as either a percentage of your balance or a fixed amount. The payment amount affects how quickly you can pay off your debt and how much interest you'll pay overall.
Why should I pay more than the minimum?
Paying more than the minimum reduces the time it takes to pay off your debt and significantly lowers the total interest you'll pay. Even a small increase in your monthly payment can make a big difference.
What happens if I miss a payment?
Missing a payment can result in late fees, increased interest rates, and negative impacts on your credit score. Some cards may also lose their promotional APR offers after a missed payment.
How can I pay off my credit card faster?
To pay off your credit card faster: 1) Pay more than the minimum payment, 2) Make bi-weekly payments instead of monthly, 3) Transfer the balance to a 0% APR card, 4) Create a budget to allocate more money to debt repayment.
What is the avalanche method?
The avalanche method is a debt repayment strategy where you pay minimum payments on all debts but put extra money toward the debt with the highest interest rate. This method saves the most money in interest charges.