Compares paying only the minimum against a fixed higher repayment, so you can see the real cost of carrying a balance.
Card details
$8,000 · 19.99% · $400/mo fixed
$
% p.a.
%
$
Interest saved by paying the fixed amount
$0
Compared to paying the minimum only
Your repayment options
Option A — Paying minimum only
—
Total interest: $0 · Total paid: $0
Option B — Paying fixed amount
—
Total interest: $0 · Total paid: $0
The minimum payment trap: minimum repayments are usually calculated as a small percentage of the balance, so as the balance falls, the minimum falls too — stretching payoff over many years and multiplying the interest paid, sometimes to more than the original balance.
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Important information: This is a simplified illustration based on a constant interest rate and no further spending on the card. It is not personal financial advice. If you have card debt you're struggling to manage, speak with your lender or a free financial counselling service.
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In the meantime, feel free to keep adjusting the numbers above.
