Credit Card Payoff Calculator — Minimums vs Fixed Payments

How to escape credit card debt

Enter your balance and APR. Both are on your statement.
Set the minimum rule. Usually ~2% of the balance with a $25–$35 floor.
Pick a fixed payment you can actually sustain — even double the minimum changes everything.
Press Calculate. Minimums vs fixed: months, interest, dates, and savings side by side.

Frequently asked questions

How long do minimum payments take?

On $6,500 at 25% APR with 2% minimums: well over a decade, with interest nearly doubling what you repay. This calculator shows your exact numbers.

Why are minimums so slow?

The minimum shrinks as the balance shrinks, so you pay less and less principal each month. A fixed payment does the opposite — the principal share grows.

How much does a fixed payment save?

Often 70–90% of the interest and a decade of time versus minimums. Even $50 extra a month moves the date years closer.

Should I do a balance transfer instead?

A 0% transfer can beat extra payments if you clear the balance before the promo ends — otherwise deferred interest can bite. Compare both paths.

Does paying more than the minimum help my credit?

Yes — lower utilization and on-time larger payments both help your score over time.

Is this financial advice?

No. Planning estimates only — talk to a nonprofit credit counselor for real trouble.

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