Debt & Credit calculators

Highest rate first minimises total interest, always. Smallest balance first clears accounts sooner and produces visible progress at a modest interest cost. Model both on your actual balances: when the difference is small, choose the one you will finish. When it is large, choose the cheaper one.

It depends far more on whether you pay a fixed amount or the floating minimum than on the balance. A minimum that is a percentage of the balance shrinks as the balance falls, which stretches the payoff enormously. Fixing a dollar amount above the current minimum is the single change that shortens it most.

Only if the interest avoided during the promotional period exceeds the transfer fee, and only if the balance is actually cleared before the promotion ends. The two common failures are not clearing it in time and treating the freed credit line as new spending capacity.

Balances divided by limits, usually measured at statement date instead of averaged. This is why a card paid in full every month can still report high utilisation if the statement closes at a peak, and why a mid-cycle payment can change the reported figure without changing what you spend.

Usually not. Closing removes that limit from the utilisation calculation, which can raise the reported ratio on remaining cards, and it can eventually shorten average account age. The reasons to close a card are generally behavioural or fee-related.

It helps when the new rate and fees genuinely beat the blended cost of what it replaces and the cleared accounts are not used again. It converts revolving debt into an installment loan with a real end date, which is a structural improvement. Provided the balances do not simply rebuild.

Reporting periods are set by regulation and vary by the type of information, with different limits for different events. Because the periods differ and are statutory, check the current rule for the specific item , not assuming one figure covers everything.

Avalanche pays the least interest by targeting the highest rate first, while snowball clears small balances first and can help motivation.

Divide your total card balances by your total credit limits. Keeping it below about 30% is a common guideline for scores.

It can be if the transfer fee is lower than the interest saved and you pay the balance off before the promotional rate ends.