Why the minimum payment is a trap by design
A minimum set at 1–3% of the balance falls as the balance falls, which stretches the payoff indefinitely. On a typical card, minimum payments turn a $6,500 balance into well over a decade of payments and more interest than the original purchase. Fixing your payment at today's minimum — and never lowering it — is the single easiest improvement available.
When a balance transfer actually wins
Compare the fee against the interest avoided. A 3% fee on $6,500 is $195; if the promo saves $1,400 of interest, it is an easy yes. It stops being an easy yes when you cannot clear the balance within the promo window, because the rate after it expires is usually as high as the one you left — and some cards apply payments in ways that leave the promo balance last.
Order of attack with multiple cards
Highest APR first minimises interest. Smallest balance first produces a faster visible win. If one card is near its limit, clearing that one first can also improve your credit utilisation and score faster than either rule, because utilisation is measured per card as well as overall.
Stop the bleeding first
None of this works while the card is still being used. Freeze the account, remove it from stored checkouts, and move day-to-day spending to a debit card for the payoff period. A payoff plan running alongside continued spending is just a slower version of the same problem.
FAQ
How long will it take to pay off my credit card?
It depends on the payment, not just the balance. $6,500 at 24.5% takes about 34 months at $250/month, but over a decade at the minimum. The calculator shows both paths for your numbers.
How much interest will I pay on a credit card?
Multiply the balance by the APR and divide by 12 for the first month's interest, but the total depends on how fast the balance falls. At 24.5% on $6,500 paying $250/month, total interest runs to roughly $1,800.
Is a balance transfer worth it?
Usually yes if you can clear most of the balance within the promotional period and the fee is 3–4%. It is rarely worth it if the balance will still be large when the promo rate expires.
Why is my balance barely going down?
Because most of your payment is going to interest. Subtract the monthly interest from your payment — what is left is the only part reducing the debt. If that number is small, raising the payment even slightly has an outsized effect.
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