Question 1

How long will it take to pay off my credit card?

Accepted Answer

It depends on your balance, your APR, and how much you pay each month. As long as your monthly payment is larger than the interest charged that month, the balance falls and you'll eventually clear it. The higher your payment above that interest, the faster it's gone and the less total interest you pay. Enter your numbers to see the exact months and total interest.

Question 2

Why does paying only the minimum take so long?

Accepted Answer

A minimum payment is often only slightly above the monthly interest, so very little goes toward principal — stretching payoff over years and multiplying the total interest. If your payment is at or below the monthly interest, the balance never goes down at all. Paying even a bit more each month dramatically shortens the timeline.

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