"payoff balance" refers to the total amount of money you owe on a loan or debt. It is the amount needed to completely pay off and clear your financial obligation. Full definition
In that situation, you'd be better off working with a debt management company that can lower your interest rates and payments, or negotiate lower payoff balances. (freefrombroke.com)
This gives us the minimum bill payment required to payoff your balance within some number of months. (valuepenguin.com)
I payoff the balance when the statement arrives then cancel the card. (allfinancialmatters.com)