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Minimum Payment Trap Calculator

See exactly how long minimum payments take — and how brutally interest piles up.

Inputs

Balance

APR

Minimum payment rule

Years to pay off

$22.50

Total paid: $20,442.91

Months

270

Total interest

$13,442.91

Interest as % of balance

192%

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We loop month-by-month, adding interest then subtracting whatever the minimum-payment rule produces. We stop when the balance hits zero.

Why do minimums take so long?

Because they shrink as the balance shrinks. A typical 2% minimum on a 24% APR card means you're barely beating interest each month.

What's the trap?

Card issuers profit when you pay only the minimum — sometimes 80%+ of total payments end up as interest.

How to escape it?

Fix a flat payment well above the minimum (e.g. $300/mo regardless of balance) until it's gone.

Will paying more affect my credit?

Yes — positively. Lower utilization helps your score.

Is the minimum a CFPB-mandated number?

Federal rules require it to cover at least interest plus 1% of principal so balances actually decline.