Paying only the minimum keeps your account in good standing, but on a high-interest card it can take many years and cost a lot in interest.
Check your statement
Credit card statements include a box showing how long it would take to pay off the balance with minimum payments only, and how much you'd pay in total. It's worth reading.
Small changes, big difference
- Paying a fixed amount above the minimum, even $25 or $50, can cut years off
- Stop adding new charges to the card you're paying off
- Keep paying the same amount even as the minimum falls
General educational information, not financial or legal advice. Nickel Keepers isn't paid by any lender, card company or debt relief company.