How to Use Chase’s Credit Card Payoff Calculator to Get Debt Free Faster

Carrying a balance on your credit cards can be an expensive habit The interest charges really add up, especially if you only pay the minimum payment each month But Chase offers a handy online tool to help you estimate how long it will take to pay off your credit card debt based on different payment amounts.

In this article, we’ll walk through how to use Chase’s credit card payoff calculator to explore payoff timelines and interest costs. With some simple inputs, this calculator can give you the motivation and clarity needed to get your credit card balances paid off for good.

Overview of Chase’s Credit Card Payoff Calculator

Chase’s credit card payoff calculator is located on their financial education website, ChaseFS.com. It’s publicly available, so you don’t need to be a Chase customer to use it.

This calculator allows you to input your current credit card balance, interest rate, and monthly payment amount. It then estimates how many months it will take to pay off your balance completely based on the payment amount you enter It also shows your total interest paid over the payoff period

What I like about this calculator is that it allows you to easily adjust your monthly payment amount up or down to see the impact on your payoff timeline. This can really put into perspective how costly it is to only make minimum payments versus putting more money toward your balance each month.

How to Use the Payoff Calculator

Using Chase’s credit card payoff calculator only takes a minute. Just follow these steps:

1. Go to ChaseFS.com and scroll down to the calculator.

2. Enter your current credit card balance. Make sure to enter the full balance, not just your minimum payment.

3. Input your Annual Percentage Rate (APR). This can be found on your monthly statement.

4. The calculator will automatically calculate the minimum payment needed to cover interest charges each month. But ignore this for now.

5. Instead, enter the monthly payment you realistically plan to put toward your balance. Start low, like $25 or $50.

6. Click “Calculate”. The calculator will show your payoff timeline in months and total interest paid at that payment amount.

7. Now increase your monthly payment incrementally to see how that accelerates payoff. For example, try $100, $150, $200 per month.

8. Once you find a payment amount that gets you motivated to pay off the debt aggressively, click “Print” to save or share your results.

And that’s it! In less than a minute, you can see exactly how expensive credit card interest is and how increasing payments makes a major difference.

Tips for Using the Calculator Most Effectively

To get the most out of Chase’s credit card payoff calculator, keep these tips in mind:

• Update it monthly. Re-running the numbers each month with your new balance will keep your payoff goal top of mind.

• Compare multiple cards. If you have balances on multiple credit cards, run the numbers for each one individually to see which card you should target first.

• Use real payment amounts. Entering unrealistic payment amounts won’t motivate you. Start low and increase slowly so your goal feels achievable.

• Pay more than the minimums. The calculator shows how brutal it is to only pay minimums. Strive to pay as much extra as you can each month.

• Reassess your budget. Look for areas to cut spending so you can allocate more money toward credit card payments.

• Make payments automatic. Set up autopay through your bank to automatically make payments so you never miss the amount you planned.

• Track your progress. As your balances decrease each month, continue updating the calculator to track how close you’re getting to payoff.

Benefits of Paying Off Credit Card Balances

Getting motivated to pay off credit card debt can be difficult. But keep these benefits in mind:

• You’ll pay less interest when your balance is lower. This saves you money.

• You can allocate those monthly payments toward other goals once the debt is gone.

• Your credit score will benefit from lower credit utilization.

• You’ll experience less financial stress without recurring credit card payments.

• Major sense of accomplishment when you finally pay off the balance!

Alternatives if You’re Struggling with Payoff

If the payoff calculator is showing an intimidating timeline even with aggressive payments, don’t get discouraged. Here are some options to consider:

• Call your credit card company and request a lower APR. They may be able to reduce your interest rate.

• Look into doing a balance transfer to a credit card with a 0% intro APR. This pause on interest can help you make headway.

• Speak to a non-profit credit counseling agency about setting up a debt management plan with reduced interest rates.

• As a last resort, consider consolidating debt through a personal loan if you can qualify for a lower rate.

The most important thing is that you take action and have a plan to become debt-free. Chase’s credit card payoff calculator is a quick and easy way to assess your options and get motivated to crush your credit card balances faster.

Try It Out for Yourself

Give Chase’s credit card payoff calculator a try for yourself: https://www.chasefs.com/learning_center/calculators/credit_card_debt

I hope walking through the steps here and understanding the benefits has inspired you to make a plan and commit to paying off your credit card debt aggressively. Paying more than the minimums and sticking to your monthly payment goals can help you get out of debt and back on solid financial ground.