Every month you carry a balance, the bank charges you a percentage of what you owe. At 22% APR on a $10,000 balance, that's $183/month in interest alone. It buys no product. No food. No memories. It's money handed to a bank for the privilege of owing them money.
Credit card companies set minimum payments low on purpose — typically 1-2% of the balance plus interest. On a $10,000 balance at 22% APR, the minimum payment might be $200/month. At that rate you'll pay for 9+ years and spend over $12,000 in interest. You'll pay back more than 2x what you borrowed.
Double your minimum payment. $200 → $400/month. Same card, same balance. Done in under 3 years instead of 9. Interest saved: over $8,000. The extra $200/month costs you a few dinners out. It saves you years of payments.
If your household take-home is $8,500/month and you're paying $417/month in interest across cards, your credit card company takes 4.9% of your income. On top of the ~30% the government already takes. For nothing.
Credit cards aren't the enemy. They're tools. Use them for the points, the protection, the tracking. But pay the full balance every month. The moment you carry a balance, the card starts working for the bank instead of for you.
Enter your balance, minimum payment, and rate into our payoff calculator. See exactly what minimum payments cost you in years and dollars. Then see what doubling does.
How much is your credit card interest costing you?
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