Millions of people who use credit cards only pay the minimum balance. How much does it cost in interest to pay just the minimum amount? A lot!

Assuming you have no new charges on your card and you pay only the minimum amount, it could take you 343 months (28.5 years!) to bring a $5,000 balance to zero. You'll also pay the credit card company $7,129 in interest.


How many years to pay?
Balance
Minimum Payment
Minimum % you must pay and payment amount
%
Interest Rate
Months to Bring Balance to $0
Interest Paid
Total Payments
Years