⏱️ How fast can you pay off your credit card debt?

You have $58,000 in credit card debt, but your living expenses are covered and you bring in over $5,800 a month from your main job and side hustle. After your $1,000 in car and student loan payments, you have massive firepower to throw at this debt.

This calculator compares the avalanche method (highest interest first) against the snowball method (smallest balance first) using your actual numbers. You will see exactly how much time and money you save by attacking the math optimally.

The avalanche method eliminates your costliest debts first. By attacking your most expensive balance, you reduce the total interest that accrues each month.

Enter your highest interest rate card here. Even if it is not your largest balance, knocking out a high APR card saves you the most cash.

You mentioned three of your cards are on an interest pause. Group those balances here, as they make up the largest chunk of your debt.

0% APR offers give you breathing room, but you still need to pay the minimums. We assume a standard 2% minimum payment on these balances while you focus your extra cash on the high-rate cards.

The snowball method targets your smallest balance first for a quick psychological win. Once paid off, you roll its minimum payment into the next target.

Enter your $3,000 card here to see how fast you score your first victory.

Your $61,000 salary plus your part-time job brings in roughly $5,800 a month. Subtract your $300 car payment and $700 student loan, and you have about $4,800 left.

Since your rent is covered, you can throw a massive chunk of this at your credit cards. Enter the total amount you will commit to paying across all cards each month.

This view was inspired by:

• debt-avalanche-vs-snowball

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• Reddit