Credit Card Debt Calculator:
Know Which Card to Pay Off First

credit card debt calculator

If you're looking for a credit card debt calculator, odds are you are seeking how to pay off credit cards. Congratulations on taking the initiative. Not a lot of people know the best way to pay off credit card debt.

However, when people try to pay off their credit cards, they often go for the highest minimum payment or the highest interest rate. We say, "Don't do either."

I believe these debt reduction strategies may have been pushed by banks and lending institutions. It begs the question, "How do banks make money?"

Our online calculator will tell you which card to pay off first by using the Dead on Last Payment (DOLP™) method coined by David Bach, a popular financial pundit.

Even though lost opportunity cost is an eroding factor of money, forget about the interest rate. And, forget about minimum payments! I know, it goes against conventional wisdom.


DLOPing stresses paying off credit cards, and all debt really, in the most efficient manner.

Here's what he says to do:

  • Make a list of the current outstanding balances on each of your credit card accounts.

  • Divide each balance by the minimum payment that particular card company wants you to make. The result is that account's DOLP™ number.

    For example, say your outstanding Visa balance is $500 and the minimum payment due is $50. Dividing the total debt ($500) by the minimum payment ($50) gives you a DOLP™ number of 10.

  • Once you've figured out the DOLP™ number for each account, rank them in reverse order, putting the account with the lowest number first, the one with the second-lowest number second, and so on.

  • Pay as much as you can each month toward the card with the lowest DOLP™ number. For each of your other cards, make only the minimum payment.

Below, we have provided you an online version of this calculator with some examples. It's very easy to use and it sorts automatically in the order for you to pay off your debts.


dolp example

I hope you utilize our credit card debt calculator in choosing which card to pay off first. After you create your list, you now know which is the most efficient way to pay off your credit cards.

Now, you can create the snowball effect and then you can eliminate credit card debt legally and quickly.

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