Credit card minimum payment calculator
Minimums are often a small percent of the balance (with a floor such as $25), so they shrink as the balance falls and payoff takes years. Check your statement for your card's exact formula.
Do this every month in a spreadsheet
Debt Payoff Tracker Spreadsheet: List your debts once, log each payment, and see paid-so-far, remaining balance and percent paid for every debt and in total.
Excel and Google Sheets, formulas already set up. Instant download.
FAQ
Why does paying the minimum take so long?
Most of each minimum goes to interest, and the minimum shrinks as the balance falls, so the principal drops slowly.
What's the fastest fix?
Pay a fixed amount every month instead of the minimum. Even a little above the first minimum cuts years off.
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