It will take 47 months to pay off $50,000 with payments of $1,500 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is. Increasing your payments to $6,000 per month, for example, would decrease your payoff timeline to 9 months.
Examples of How Long It Will Take to Pay Off $50,000 on a Credit Card
- If you pay $1,500 a month, it will take you 47 months to pay off $50,000
- If you pay $3,000 a month, it will take you 20 months to pay off $50,000
- If you pay $4,500 a month, it will take you 13 months to pay off $50,000
- If you pay $6,000 a month, it will take you 9 months to pay off $50,000
Note: All examples assume an average APR of 18%.
With credit cards and other lines of credit, you can technically take as much time as you need to pay off $50,000 , as long as you always make at least your required minimum monthly payment. You can use WalletHub’s credit card calculator to find out exactly how long it would take you to pay off $50,000 with specific interest rates and monthly payments.
Finally, it’s worth noting that other types of borrowing, such as personal loans, mortgages, home equity loans, car loans and student loans, will give you a set repayment term from the start. You won’t need to figure out how long it will take to pay off the balance. But you can always pay back what you owe in a shorter amount of time by making larger monthly payments. Just make sure your lender doesn’t have a penalty for early payoff – most don’t.
This answer was last updated on 12/13/23 and it was first published on 12/05/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
It will take 47 months to pay off $50,000 with payments of $1,500 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
How many years to pay off 50k? ›
A fixed $1,500 monthly payment
If you commit to a monthly fixed payment amount of $1,500, here's what you can expect: Time to pay off: Approximately 4 years and 4 months.
How to pay off $50,000 quickly? ›
Here are a few tips to tackle a $50,000 debt in the span of a year.
- Create a budget and track your income and spending. ...
- Be mindful of debt fatigue. ...
- Prioritize paying high-interest debt first. ...
- Get a higher-paying new job. ...
- Freelance on the side. ...
- Negotiate with your credit card companies and other creditors.
Set up automatic payments: Aim for $1,400 a month toward debt. Negotiate interest rates: Contact creditors for lower rates. Consider debt consolidation: If eligible, consolidate your debts for lower overall interest. Avoid new debt: Use cash or debit for purchases.
What would payments be on $50000? ›
Calculating the monthly cost for a $50,000 loan at an interest rate of 8.75%, which is the average rate for a 10-year fixed home equity loan as of September 25, 2023, the monthly payment would be $626.63. And because the rate is fixed, this monthly payment would stay the same throughout the life of the loan.
Is it possible to get out of 50000 debt? ›
Paying off $50,000 in credit card debt will require dedication, consistency and extra payments. To make the last one possible, it's important to understand how much money you're working with every month and where it's going.
Can you survive off 50k a year? ›
If you're single and making $50,000 a year, you likely have enough to live on comfortably in just about any state in the U.S. This is particularly true in suburbs and smaller cities, like Jacksonville, FL, Birmingham, AL, and Toledo, OH, where the cost of living is lower than the national average.
How to pay off $60,000 in debt in 2 years? ›
Here are seven tips that can help:
- Figure out your budget.
- Reduce your spending.
- Stop using your credit cards.
- Look for extra income and cash.
- Find a payoff method you'll stick with.
- Look into debt consolidation.
- Know when to call it quits.
Running up $50,000 in credit card debt is not impossible. About two million Americans do it every year.
How to pay off $50 000 mortgage in 5 years? ›
Increasing your monthly payments, making bi-weekly payments, and making extra principal payments can help accelerate mortgage payoff. Cutting expenses, increasing income, and using windfalls to make lump sum payments can help pay off the mortgage faster.
7 tips to help dig your way out of debt
- Re-examine spending habits.
- Determine the right payoff approach for your situation.
- Go beyond the minimum.
- Earmark extras to the balances.
- Consider debt consolidation methods.
- Embark on a debt management plan.
- Settle for less than what you owe.
- FAQs.
If you have loans that have been in repayment for more than 20 or 25 years, those loans may immediately qualify for forgiveness. Borrowers who have reached 20 or 25 years (240 or 300 months) worth of eligible payments for IDR forgiveness will see their loans forgiven as they reach these milestones.
How to deal with 50k debt? ›
A debt relief order (DRO) is one way to deal with your debts if you:
- owe £50,000 or less.
- don't own your own home.
- don't have other assets or things of value.
- don't have much spare income.
It will take 47 months to pay off $50,000 with payments of $1,500 per month, assuming the average credit card APR of around 18%.
What is 9% interest on $50,000? ›
The loan value of $50,000 is multiplied by the interest rate of 9% to determine the annual interest. Thus, the amount of annual interest is $4,500.
How much do you need to make to afford a $50,000 car? ›
If you wanted to stick to this rule of thumb and buy a $50,000 car, you would need a monthly take-home income of at least $7,240 if you got a car loan at a below-average rate and stretched out your payoff time for a long time. Many people will find that purchasing such an expensive car really isn't affordable.
How much will 50k be in 20 years? ›
The table below shows the present value (PV) of $50,000 in 20 years for interest rates from 2% to 30%. As you will see, the future value of $50,000 over 20 years can range from $74,297.37 to $9,502,481.89.
How long should it take to save 50k? ›
How long will it take to save?
| Savings Goal | If You Saved $200/month | If You Saved $400/month |
|---|
| $50,000 | 250 months | 125 months |
| $60,000 | 300 months | 150 months |
| $70,000 | 350 months | 175 months |
| $80,000 | 400 months | 200 months |
7 more rowsYour potential savings from refinancing will vary based on your loan terms. For example, say you have a $50,000 loan balance with a 6.22% interest rate — the average student loan interest rate for graduate students. On the standard 10-year repayment plan, you'd pay $561 per month and $17,277 in interest over time.
