See exactly how long — and how much it costs — to pay off your cards.
Your card issuer sets the minimum payment as a small percentage of your balance, recalculated each month as the balance drops. This is the slowest, most expensive path.
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At minimum payments (typically 2-3% of the balance), a $5,000 balance at 22% APR takes roughly 23 years to pay off and costs over $10,000 in interest. The minimum payment is designed to maximize interest revenue, not to help you become debt-free.
Balance transfer cards with 0% intro APR for 15-21 months can save hundreds or thousands in interest IF you can pay off the balance before the promotional rate ends. Most charge 3-5% transfer fees upfront. Run the numbers — sometimes a fixed-rate consolidation loan is better.
Mathematically, the avalanche method (highest APR first) saves the most money. Behaviorally, the snowball method (smallest balance first) provides early wins that keep many people motivated. The best method is the one you will actually stick with.
Credit card interest is calculated daily on your average daily balance. This means carrying a balance is significantly more expensive than the stated APR suggests, especially if you make purchases during the billing cycle. Paying off the full statement balance each month avoids interest entirely.
In order of impact: stop using the card, pay more than the minimum, transfer to a 0% APR card if you qualify, and consider a consolidation loan if your rate is high and you have good credit. Every extra $100/month on a $5,000 balance at 22% saves years of payments and thousands in interest.
Yes, often significantly. Credit utilization (balance divided by credit limit) is the second-largest factor in your FICO score. Paying down a maxed-out card to under 30% utilization can raise your score by 50+ points in one billing cycle.