Debt payoff calculator
For credit cards, store cards and personal loans: see when you'll be debt-free and how much an extra payment each month saves.
How this works
Each month interest (your rate ÷ 12) and the service fee are added, then your payment comes off. We repeat this until the balance reaches zero, once with your normal payment and once with the extra added, so you can compare.
Worked example: R25 000 on a credit card
- You owe R25 000 at 21% a year, with a R69 monthly service fee, and pay R1 000 a month.
- You're debt-free in 3 years 1 month (37 months), paying about R11 618 in interest and fees.
- Adding R500 extra (R1 500 a month) clears it in 1 year 10 months (22 months), at about R6 616 in interest and fees.
- The extra R500 saves you about R5 002 and 15 months.
Snowball or avalanche?
With several debts, the avalanche method pays the highest-interest debt first (usually store cards and credit cards) and saves the most money. The snowball method clears the smallest balance first for quick wins. Either beats paying only the minimum.
Struggling with debt?
If repayments are more than you can manage, a registered debt counsellor (regulated by the National Credit Regulator) can negotiate lower payments under debt review. Talk to one before you miss payments.
Frequently asked questions
What is the maximum interest rate on credit cards in South Africa?
The National Credit Act caps credit card interest at the repo rate plus 14% a year. Personal loans can be higher, up to repo + 21% for unsecured credit.
Should I pay off debt or save first?
Build a small emergency fund first, then put extra money towards your most expensive debt before investing more. The budget planner helps you find room for extra payments.
Why does paying only the minimum take so long?
Most of a minimum payment goes to interest and fees, so the balance barely falls. Even a small extra amount goes straight to the capital and shortens the term a lot, as the example above shows.