Enter your balance, rate and monthly payment to see when you'll be debt-free and the total interest. Then see the minimum-payment trap: paying only the minimum can drag on for decades and cost more in interest than you borrowed.
By fixed monthly payment. Notice how a small increase saves years and thousands in interest.
| Monthly payment | Time to clear | Total interest |
|---|---|---|
| $100/mo | 11 yrs 5 mo | $8,678 |
| $150/mo | 4 yrs 4 mo | $2,798 |
| $200/mo | 2 yrs 10 mo | $1,750 |
| $300/mo | 1 yr 9 mo | $1,022 |
| $400/mo | 1 yr 3 mo | $732 |
| $500/mo | 1 yr | $574 |
The minimum is set as a small percentage of the balance, so as the balance falls the minimum falls too, and most of each payment goes to interest rather than principal. On a high APR this can stretch a modest balance over 15 to 25 years and more than double what you repay. Paying a fixed amount, even a bit above the minimum, changes the picture dramatically.
Pay as much as you can afford as a fixed amount each month (not a shrinking percentage), and consider moving the balance to a 0% balance-transfer card if you qualify, so every dollar goes to principal for a while. If you have several cards, either clear the highest-rate one first (least interest) or the smallest balance first (quick wins to stay motivated).
Often yes, if you can clear most of the balance during the 0% window and the transfer fee (usually 3 to 5%) is less than the interest you'd otherwise pay. Just avoid adding new spending to the old card.