I find that Clonazepam tends to peak about 1-2 hours after I take it, and then it very gradually fades. I can't remember exactly how long it takes to leave your system, but it's more than 24 hours. I take it when I notice the first signs of panic and it kicks in in time. Overall, Clonazepam has worked wonders for my anxiety, and the side effects for me have been minimal.

Like others have pointed out, Xanax is faster-acting but also does not stay in your system for very long. I've never taken Xanax, so I can't really compare it further to Clonazepam.

I wouldn't worry about labels and diagnoses, except to the extent that they can help you to treat your condition better. People get prescribed Clonazepam for lots of reasons. Besides, even if you do get diagnosed with Panic Disorder, it's not a permanent or chronic condition. I was diagnosed with Generalized Anxiety Disorder back in 1998 and successfully got it under control by the end of that same year. That condition has never come back and is no longer on my list of diagnoses.

I do have OCD, but that's a different ball of wax. OCD can be managed, but it can never be "cured" or eradicated. But other anxiety disorders, such as panic disorder, phobias, and generalized anxiety disorder, can indeed be managed to the point of being cured.

So again, I wouldn't trouble yourself with whether you fall under the diagnostic criteria for panic disorder. With treatment, you can get this fully managed.