How long minimum payments take
Type what you owe, the APR and how your card works out its minimum payment. It shows how long minimum payments take and the interest, and what a fixed amount each month would save.
Estimate · guidance, not advice
Free, confidential debt help: MoneyHelper, StepChange, National Debtline.
Good to know
- It assumes no new spending, no fees and the same rate throughout.
Questions
Why does it take so long?
The minimum falls as the balance falls, so each payment clears less. A fixed amount keeps clearing the same.
How is interest worked out?
Each month, at the monthly rate that adds up to the APR over a year: 22.9% APR is about 1.73% a month.
What if I can't pay the minimum?
Tell the lender early. The free services on this page can help.
Related tools
Plan the way out
The Debt Payoff App plans every card and loan to a debt-free date, and shows what paying a little more saves.
Debt Payoff App · £12.59 on Etsy