Find out exactly how long it will take to pay off your balance and how much interest you’ll pay.
The minimum payment trap is one of the most expensive financial mistakes you can make. On a $5,000 balance at 22.99% APR, paying only the minimum can take over 20 years and cost more than $7,000 in interest alone.
Pay minimums on all cards, then put every extra dollar toward the card with the highest interest rate. This saves the most money in total interest paid.
Pay minimums on all cards, then put every extra dollar toward the card with the smallest balance. This provides psychological wins and momentum.