Frequently asked questions
Why does paying only the minimum take so long?
Credit card minimums are set at roughly 2% of your balance. Most of that goes to interest, leaving almost nothing to reduce what you actually owe. On a $5,000 balance at 24% APR, the monthly interest alone is about $100 — so a $120 minimum payment only chips away $20 of real debt per month.
What's a good monthly payment to aim for?
A useful rule of thumb: pay at least 3× the minimum. If your minimum is $100, pay $300. Better yet, pick an amount that pays off the debt within 2–3 years. Use the slider above to find your sweet spot. Even an extra $25/month makes a big difference over time.
What APR should I enter?
Your APR (Annual Percentage Rate) is on your monthly statement, usually in the "interest charge" section. The average US credit card APR in 2026 is about 21–24%. Store cards are often 25–30%. If you have multiple cards, use the highest-rate card first (that's the "avalanche" method).
Does this include minimum payments?
This calculator uses whatever monthly payment you enter as a fixed amount each month. If you want to model minimum-only payments, use a lower number like 2% of your balance (e.g. $100 for a $5,000 balance). The results will show just how slowly that pays off.