Minimum payments shrink as your balance falls, which is exactly why they stretch payoff for years.
A credit card minimum payment calculator shows how long it takes to clear a balance paying only the minimum, and how much interest that costs, usually a sobering number that makes the case for paying more.
Card minimums are typically a small percentage of the balance (often around 1%) plus the month's interest. Because that percentage shrinks as the balance falls, the payment gets smaller right alongside it, so progress slows to a crawl. On a high-rate balance, paying only the minimum can take well over a decade and cost more in interest than the original purchases.
The fastest escape is to stop letting the payment shrink: pick a fixed dollar amount above the current minimum and pay that every month regardless of the balance. Because the whole excess goes to principal, the balance falls faster and faster instead of slower and slower. Even a modest fixed amount above the minimum can cut years off the payoff and save a large share of the interest, try it in the calculator.
Often well over a decade on a high-rate balance, because the minimum shrinks as the balance falls. Enter your numbers above to see the exact time and interest cost.
Usually a set percentage of the balance (commonly around 1%) plus that month's interest, with a small dollar floor. As the balance drops, so does the minimum.
Pay a fixed amount well above the minimum every month, and avoid new charges. A steady payment sends more to principal and shortens the payoff dramatically.
See the exact formula and a worked example on our methodology page.