Minimum Payment Calculator
Discover the shocking impact of paying only the minimum on your credit cards and how long it truly takes to pay off your debt.
Minimum Payment Calculator
Understand what your minimum payment is and how much of it goes to interest vs. principal.
How it works: Understand the impact of only paying the minimum on your credit cards. See how much of your payment goes to interest vs. principal, and how long it takes to pay off at minimum payments.
Why Minimum Payments Keep You Trapped
Interest-Heavy Payments
When paying only minimums, most of your payment goes toward interest rather than reducing your principal balance. This means your debt decreases slowly while creditors earn significant interest.
Extended Payoff Timeline
Minimum payments can stretch a debt payoff timeline from years to decades. You could be paying for something you purchased long ago while your life situation has completely changed.
Total Cost Multiplier
The total interest paid at minimum payment rates can easily exceed your original debt. A $10,000 debt could cost $15,000+ in total payments when paying minimums.
Credit Score Impact
Carrying high credit card balances affects your credit utilization ratio, which impacts your credit score. The longer you carry balances, the longer your credit suffers.
Ready to Break Free From Minimum Payments?
Explore debt relief options that could help you pay off debt faster and with less interest.