Minimum payments feel safe. They're also how credit card companies keep you paying for 15-25 years. The numbers are stark, and once you see them you can't unsee them.
At a typical 2% minimum, a $4,800 balance at 24.9% APR takes roughly 20+ years and costs over $6,000 in interest. Same card with $200 extra per month: paid off in about 2 years, around $1,300 in interest.
The minimum payment is set to shrink your balance by only a hair each month — most of your payment covers interest.
Pick one card, keep paying minimums on the rest, and put every extra dollar on that card (avalanche order). When it's clear, roll forward. This is the same engine our free calculator runs — try your own numbers.
Enter your debts once — compare snowball vs avalanche side by side, free.
Open the Free CalculatorGet the Excel Toolkit ($9.99)Mathematically you'll eventually reach zero, but on high-APR cards it can take decades. Any extra payment dramatically shortens the timeline.
They only help if you actually pay the balance down before the promo ends — otherwise the deferred interest can hit retroactively. Read the terms.
This page provides general financial education. It is not financial advice. Consult a qualified professional for personalized guidance.