Want to know how long it will take to pay off your credit card balance if you only pay the minimum monthly payment? The Dallas Federal Reserve developed a credit card repayment calculator that will quickly and easily calculate how long it will take to pay off your credit card balance. All you need are two numbers: 1) your credit card balance, and 2) the interest rate on your account.

For example, if you have a $5,000 balance and the prevailing interest rate is 12 percent, your initial minimum payment will be $100 and it will take you 19 years to pay off the balance, IF you don’t charge anything else to the account.

This calculator also allows you to easily see the impact of increasing your monthly payment and the impact of different interest rates. For example, if instead of making only the minimum monthly payment, you pay $236 each month on your $5,000 credit card bill, the number of years required to repay the debt declines from 19 years to only 2 years.