To pay off your debt in a year, you first need to figure out what your monthly payment should be to reach that goal. Credit.com has a Credit Card Payoff Calculator that lets you enter your balance, interest rate and monthly payment and will show you how long it will take to pay off your debt at that rate. It also provides a table that shows you how much you should increase your payment to pay off your balance faster. For example, if you have a $5,000 balance on a card with an 11% interest rate (the average for low-rate cards), you would need to pay $450 a month to wipe out your debt in a year. If you just make the minimum payment (2% of the balance), it would take you more than 23 years to get rid of $5,000 in credit-card debt.