Debt-Free Short answer: almost 20 years, if you only pay the minimum. Here's the math, step by step.
Assumption: the minimum payment is interest plus 1% of the balance, never below $25. Many US cards use a formula close to this, but check your own statement.
Why it takes so long
Your minimum payment shrinks as your balance shrinks. So every month you pay a little less, and most of it goes to interest. In the first month, about $104 of a $154 payment is interest. Only about $50 touches the real debt.
What happens if you pay a fixed amount
| You pay every month | Debt-free in | Total interest |
|---|---|---|
| Minimum only (shrinking) | 19.7 years | $9,278 |
| Fixed $150 | 58 months (4.8 years) | $3,622 |
| Fixed $250 | 27 months (2.3 years) | $1,535 |
Same debt. Same card. The only difference is that the payment stays the same instead of shrinking. Going from minimums to a fixed $250 saves about $7,700.
The one move to make today
Look at this month's minimum. Write it down. Promise yourself you'll keep paying that exact amount (or more) every month, even when the bank asks for less. That alone cuts years off.
Want your own debt-free date?
Type in your debts. Get your exact month, which debt to pay first, and how much interest you'll save.
See my debt-free date →Educational content, not financial advice. Examples use the numbers stated; your results depend on your own debts and payments.