Credit Card Payoff Planner
Escape the 42% interest trap. Compare minimum payment vs aggressive repayment strategies with 18% GST awareness.
Quick Summary: Credit Card Payoff Planner
Paying only the minimum amount on credit card debt (usually 5% of balance) is a 'Debt Trap'. With interest rates of 36% p.a. plus 18% GST on that interest, a ₹1 Lakh balance can take over 30 years to clear and cost over ₹4.2 Lakhs in total interest and GST combined. Paying even ₹5,000 extra per month can reduce the payoff time to less than 2 years.
How to use the Credit Card Payoff Planner
- 1
Enter Outstanding Debt
Input the total amount you currently owe on your cards.
- 2
Set Payoff Target
Enter the extra monthly amount you can pay above the minimum.
- 3
Review Savings Summary
Calculate the total interest saved and the reduction in debt-free months.
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Regulatory Disclaimer
Last verified May 2026
Nature:Calculator platform and is NOT a SEBI-registered Investment Adviser. All calculations are indicative.
Risk:"Investments in securities market are subject to market risks. Read all related documents carefully before investing."
Consult a SEBI-registered IA or CA for personalised advice.
9 out of 10 traders in F&O incurred net losses (SEBI 2023). Tax estimates based on IT Act 2025. Trezoriq is not liable for financial decisions based on results.