Finance
What Happens If You Pay Only the Minimum on a $10,000 Credit Card Balance?
The Answer
27 years, $11,680 in interest
The Full Picture
A $10,000 credit card balance at 21% APR, paying only minimums (2% of balance), takes 27 years to pay off and costs $11,680 in interest — more than the original balance. Pay $300/month instead and you're debt-free in 4 years with only $3,140 in interest.
By the Numbers
Minimum payment payoff time27 years
Minimum payment total interest$11,680
$300/month payoff time4 years
$300/month total interest$3,140
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