Credit cards are great when used strategically but they can become a nightmare very quickly.

If you have one of those balances that just doesn't seem to be going down then use this handy calculator to help you create a strategy for getting the balance back to zero.

I recommend you do two calculations.

1. First a calculation based on your current balance, interest rate and minimum payment required. This helps you understand how long it will take to get your balance back to zero. 

2. Next increase the payment amount until you find a payment that would help you reach a zero balance by your preferred end date.

NOTE: Regardless of your interest rate if you start a monthly repayment that is based on 10% of your current balance and maintain that same payment amount each month your card will be fully repaid in 11 months. (Assumes no fees or continued use of the card occurs over this period)

Disclaimer: This calculator is intended for providing a guide only and in using it you do so under the terms and conditions as published on this website at the time of use.

You should always ask your card provider to provide a print out of payments and balance forecast for accuracy in amounts and time required based on your individual circumstances.