1Stop adding to the balance
Put the card away and pay new costs with debit or cash. Otherwise each payment chases a balance that keeps growing.
2Pay more than the minimum
Most of a minimum payment goes to interest. Every extra dollar comes off the balance.
3Pick an order for several cards
Highest rate first saves the most interest. Smallest balance first gives quick wins. Both work if you stick with one.
4Ask for a lower rate
Call the card issuer and ask. A balance transfer card can help, but check the transfer fee and the date the 0% rate ends.
How to do it in Oaktally
The calculator gives you a date once. Oaktally keeps the payment in your monthly plan and shows the balance fall with each payment.
- Add the card as a debtIn Plan, add a debt, pick Card, name it and type what you owe.
- Pick a payment or a dateEach month shows when it is paid off. By a date shows the payment you need.
- Record each paymentAdd payment logs a transfer to the card, and the Debt bar fills as the balance falls.
Try it with your numbers
Enter your balance, rate and monthly payment.
Work out your payoff dateFrequently asked questions
Should I pay off debt or save first?
Keep a small emergency fund so a surprise does not go back on the card. Then put extra money on the debt.
Does paying twice a month help?
A little, because interest is charged on a smaller balance. Paying more in total matters much more.
Further reading
CFPB: How to reduce your debt ↗Educational examples, not individual financial advice.
