Why the minimum keeps you in debt
Card interest compounds monthly at brutal rates. Paying only the minimum covers mostly interest, so the balance barely moves. This calculator shows the true timeline at any payment you choose, which is usually the nudge people need to pay more.
Worked example
An 8,000 balance at 22% APR with 250 a month takes about 49 months — just over 4 years — and costs about 4,158 in interest. Raise the payment to 400 and it falls to about 26 months with roughly 2,065 interest. Same debt, half the cost.
Two ways to attack multiple cards
With several cards, the avalanche method (highest APR first) costs the least interest, while the snowball method (smallest balance first) gives quicker wins. Both beat spreading minimums around. And the golden rule: stop adding new spending while you pay down, or the maths never converges.
Frequently asked questions
How long will it take to pay off my credit card?
Divide and conquer: at 22% APR, every 1,000 of balance costs about 18 a month in interest alone. Enter your numbers above for the exact timeline.
Is it better to pay more than the minimum?
Dramatically. Even 50 extra a month can cut years and thousands in interest off a large balance.
Should I use avalanche or snowball?
Avalanche (highest rate first) is cheapest; snowball (smallest balance first) is most motivating. Pick the one you will stick with.
Will paying off cards raise my credit score?
Usually yes — lower utilisation is one of the fastest score boosters, and it helps future loan rates too.