Paying off Credit Card Debt with Minimum Payments

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Credit Card Balance and Annual Interest Rate
Current Card Balance :	($)
Annual Interest Rate :	(%)
Minimum Payment Requirement from the Most Recent Statement
Current Minimum Payment :	($)
Fixed Payment You Can Afford To Pay Every Month
Fixed Payment Amount :	($)
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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 extra 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.

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.