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Home » Exchange Calculators » Paying off Credit Card Debt with Minimum Payments

Paying off Credit Card Debt with Minimum Payments

Input Information
Credit Card Balance and Annual Interest Rate
($)

(%)

Minimum Payment Requirement from the Most Recent Statement
($)

Fixed Payment You Can Afford To Pay Every Month
($)



Financial Analysis (Switch to Plain English)
 
Minimum Pmts.
Fixed Pmts.

Total Payments :
$19,081.83
$13,030.01

Payoff Timeline :
18 Years 5 Months 3 Years 2 Months

Time Saved :
15 Years 3 Months

Total Interests Paid :
$9,081.83
$3,030.01

Interest Savings :
$6,051.82

Plain English Help (Switch to Financial Analysis)

Credit card minimum payments may seem convenient on the surface, but only making the minimum payment each month can be quite costly – and, it can take you several years to finally get your credit card paid off.

Let’s say you have a $10,000.00 balance on a credit card with a 17.500% APR. If your minimum payment is $300.00 and that is all you pay each month, it will take you 18 year(s) and 5 month(s) to finally get that card paid off (assuming you don’t add anymore debt to the balance). You will have also paid $6,051.82 in interest alone.

If you send a fixed $350.00 payment, on the other hand, this exdiva money will make it possible for you to pay off that same balance in just 3 year(s) and 2 month(s) – that is 15 year(s) and 3 month(s) sooner than if you paid just the minimum payment. You will also only pay $3,030.01 in interest, saving you $6,051.82.