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 to pay off 50k debt fast? ›
Consider the snowball method of paying off debt.
This involves starting with your smallest balance first, paying that off and then rolling that same payment towards the next smallest balance as you work your way up to the largest balance. This method can help you build momentum as each balance is paid off.
How long to pay back $50,000? ›
It will take 68 payments to pay off your loan.
Is $50,000 in debt bad? ›
At that level of debt, you're likely paying hundreds each month -- if not a thousand dollars or more -- just to meet interest payments. And that's not even putting money toward the principal, the heart that's generating more debt. Big debts call for big measures.
Is $5000 in debt a lot? ›
$5,000 in credit card debt can be quite costly in the long run. That's especially the case if you only make minimum payments each month. However, you don't have to accept decades of credit card debt. There are a few things you can do to pay your debt off faster - potentially saving thousands of dollars in the process.
How much will $50 000 be worth in 20 years? ›
After 20 years, your $50,000 would grow to $67,195.97. Assuming an annual return rate of 7%, investing $50,000 for 20 years can lead to a substantial increase in wealth.
How long is 72 months? ›
72 months equals 6 years. To figure this out, we recognize the well-known relationship between months and years. That is, there are 12 months in 1 year. Since there are 12 months in a year, 1 month would be 1/12 of a year.
Does debt go away after 5 years? ›
Debts you're not responsible for
You might not have to pay a debt if: it's been 5 years or more since you made a payment or were in contact with the creditor. there was a problem when you signed the agreement, for example if you were pressured into signing it or the agreement wasn't clear.
Is it hard to live off 50k a year? ›
What Can I Afford With $50,000 a Year? The answer depends on where you live. For the top 30 most populated cities in the U.S., you need between $20K and $35K a year to cover basic expenses, including food, medical costs, housing, transportation, taxes, and other expenses.
How much house can I afford off 50k? ›
If you earn $50,000 per year, you earn about $4,166.67 per month. At 28% of your income, your mortgage payment should be no more than $1,166.67 per month. Considering a 20% down payment, a 6.89% mortgage rate and a 30-year term, that's about what you can expect to pay on a $185,900 home.
