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There are numerous credit card payoff strategies with the following four being the most popular: 1) smallest balances first; 2) highest interest first; 3) consolidation loans; and 4) debt negotiation (aka forgiveness). First, if you have no negative items on your credit report (just high balances) avoid the debt negotiation (foregiveness) as your score will take a big hit as forgiveness closes out the accounts and in the negotiation should also include account deletion (best seek a qualified attorney). If you have high balances, your score is low because of the high balances, you will need an easy qualifying debt consolidation. The smallest balance or highest interest are your remaining options, but are setup to fail without planning. A better option is using this free credit card payoff scheduler, because the from the list of all of your debts with limit, minimum payment and interest, you then specify a monthly budget amount to pay extra and the scheduler will calculate weekly payments taking into interest charge and present a plan for payoff with the credit utilization status for each week.

To start, by entering each credit card name, limit, minimum payment, balance and interest. The provide a budget amount which must be greater than the Total Monthly Payments. Then press Calculate Extra Payment button. If there is not enough for an extra payment, the extra payment will be zero (as shown in the example for AMEX). Now press Generate Payoff Schedule, and weekly payment for each account listed is shown until the each balance is zero, On the 81st week, the weekly payment decreased. While you may get advice that you should add the difference between the regular payment and the reduced payment to the remaining credit cards, you may wish to deposit the difference in a high yield savings account like American Express Personal Savings or Netspend Savings. Your credit utilization should be low enough that your score is booming? Reward your diligence by increasing your savings.

You have the option to print your payoff schedule.

Note about the app icon/image: The logo was created with an AI logo generator based on the term of credit card payoff calculator. The logo may change in a future release.