How long does it take to pay off a credit card paying only the minimum?
Have a guess first. It sticks better.
Pick one. No sign-up, no catch.
The minimum is not a suggestion from someone trying to help you. It is set so the balance falls as slowly as the card issuer can arrange, because the balance is the product.
At 21.00%, a $1,000 balance costs about $17 in interest in the first month alone. A $25 minimum leaves barely anything to actually reduce what you owe.
Paying $100 instead of the minimum clears it in 12 months and saves $626. Same debt, same rate. The only thing that changed is the number you type in.
Run it with your own numbers →
Free, no account. Change anything and watch the total move.
Session 2: The most expensive money you can borrow →
Revolving interest, minimum payments, and why $1,000 at 24% takes five years and change to clear if you pay what they ask.
- What does it really cost?
- Who gets paid if I say yes?
- What would this money do somewhere else?
Other straight answers