See your debt-free date and the true cost of paying only the minimum.
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Credit card interest is charged every month on the balance at APR ÷ 12. When you only pay the minimum, most of each payment goes on interest, so the balance falls very slowly — often for decades.
Paying a fixed amount above the minimum, or choosing a payoff date, saves a lot of interest. Stop using the card while you pay it down, and consider a 0% balance transfer.
| Card balance | 5000 |
| APR (interest rate) | 22% |
| Plan | Pay a fixed amount each month |
| Monthly payment | 200 |
| Months to pay off | 24 months |
| Minimum payment: % of balance + interest | 1% |
| Minimum payment floor | 25 |
| Currency | $ Dollar |
| Debt-free in | 34 months (2.8 years) |
| Total interest | $1,749.88 |
| Total paid | $6,749.88 |
| Paying only the minimum instead | 19.2 years and $8,100 interest |
Debt-free in 34 months (2.8 years).
| Card balance | 5000 |
| APR (interest rate) | 22% |
| Plan | Pay it off in a number of months |
| Monthly payment | 200 |
| Months to pay off | 24 months |
| Minimum payment: % of balance + interest | 1% |
| Minimum payment floor | 25 |
| Currency | $ Dollar |
| Debt-free in | 24 months (2 years) |
| Monthly payment needed | $259.39 |
| Total interest | $1,225.38 |
| Total paid | $6,225.38 |
| Paying only the minimum instead | 19.2 years and $8,100 interest |
$259.39 a month.
At 22% APR, about 34 months paying $200 a month (with $1,750 interest), but nearly 20 years paying only a 1% + interest minimum.
The minimum is mostly interest, so very little reduces the balance each month.
The highest APR first (avalanche) saves the most interest; the smallest balance first (snowball) gives quick wins.
Yes — lower utilisation (balance ÷ limit) usually raises your score within a month or two.