What this calculator does
Credit card companies are required to set minimum payments low enough that you can always afford them — but that also means you can stay in debt for decades if you only pay the minimum. This calculator shows you the true cost of that choice.
Enter your balance, interest rate, and minimum payment method. The calculator will show you how long it takes to pay off the debt at minimum payments only, how much total interest you will pay, and what happens if you pay more each month.
How to use it
- Enter your current balance — the amount you owe today.
- Enter your annual interest rate (APR) — found on your statement or card issuer's website.
- Choose your minimum payment method: either a percentage of the balance (most common, typically 1–2%) or a fixed dollar amount.
- Enter the percentage or fixed amount your card uses.
- Click Calculate the Trap to see your results, including a comparison table showing what happens at higher payment levels.
Tip: Look at the comparison table in the results. Even increasing your payment by $50–$100 per month typically cuts your payoff time in half and saves thousands in interest.
What if you paid more?
| Monthly Payment | Time to Pay Off | Total Interest | Interest Saved |
|---|
Calculations assume no new charges are added to the balance. Minimum payment recalculates monthly as a percentage of the remaining balance (with a floor of $25). Results are estimates.