To clear card debt, compare the payoff date and total interest — not just the monthly payment
See the real cost of minimum payments, convert flat monthly rates into an effective APR, then compare balance transfers, consolidation loans and early repayment. A lower monthly payment is not necessarily cheaper.
What you should know at the end
By the end, you should know each option's payoff date, total interest, upfront fees, and whether the lower payment merely comes from a longer term.
0 of 4 steps opened
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- 1Stop underestimating minimum payments
- 2Put every offer on the same scale
- 3Compare consolidation with separate repayment
- 4Check early-settlement terms before paying extra
Work through the decision
- 1
Stop underestimating minimum payments
How long would minimum payments actually take?
Minimum payments mainly prevent delinquency; they are not an efficient payoff strategy. Use your balance, rate and payment rule to see the total interest and term.
Calculate minimum-payment cost - 2
Put every offer on the same scale
After flat rates, fees and cashback, which offer is genuinely cheaper?
Compare effective APR and total repayment rather than the advertised monthly flat rate. A one-off fee is still part of the borrowing cost.
Convert to effective APR - 3
Compare consolidation with separate repayment
Is one consolidation loan really cheaper than repaying each card?
Compare total interest, monthly payment and payoff term together. Reusing cleared credit limits can increase debt again, so the spending behaviour must also change.
Compare consolidation options - 4
Check early-settlement terms before paying extra
After the interest rebate and fee, is early settlement still worthwhile?
Some personal loans allocate interest using the Rule of 78, front-loading more interest. Do not estimate settlement by simply adding the remaining instalments.
Estimate early settlement
Before making the decision
- Is total repayment lower, rather than only the monthly payment?
- Have fees, early-settlement charges and cashback conditions been included?
- Can you avoid adding new card debt after consolidation?
What the calculators cannot decide
- Approval and the actual rate depend on personal credit and the lender's final offer.
- If payments are persistently overdue or essentials are unaffordable, seek qualified help promptly.
Explore another decision route
Planning estimates only. Review the inputs, assumptions and official sources on each calculator before acting.