Making your credit card minimum monthly payments is widely considered the least advantageous debt relief solution for the consumer, and the most favorable scenario for the credit card company. Any credit card holder who pays only his or her credit card minimum monthly fees will see little drop in their account balance.

Because credit card minimum monthly payments are designed to maximize revenue for your credit card company, your expenses will be maximized. For every $10,000 in credit card debt that you build up, by making only the credit card minimum payments, you may have to repay as much as $90,000. For rapid credit card debt relief, a debt settlement is a superior method compared to making only your credit card minimum payments.

Use the credit card debt calculator below to see how much interest you must pay depending on your interest rate and the size of your payments. If you have a credit card statement with you, you can try to reproduce the credit card minimum payment results from the credit card debt calculator.


Total Credit Card Debt:
Interest Rate (APR):
Monthly Payment:

Months Until Debt Free:
Amount Payed To Lender:

This credit card debt calculator estimates how long it may take to repay credit card debt. This estimation does not include factors such as late payment fees, service fees, interest rate changes, or ongoing use of the credit card. This credit card debt calculator is for illustrative purposes only.

Credit Card Minimum Payments

Continuing to pay monthly minimums is beyond doubt the most expensive debt relief option. By the time you retire your debt, you’ll have paid back as much as 10 times more than what you borrowed.
Because it can take over thirty years to complete this program, the idea of debt freedom is little more than an illusion.
Interest rate hikes, payment term adjustments, imposed fees and other credit card issuer tricks only make the situation worsen over time.

Debt Settlement Program

Costs for a debt settlement plan amounts to a small fraction of monthly minimum costs.
Most clients achieve debt freedom in one to three years, providing true debt freedom in a realistic time frame.
The amount you owe your debtors is reduced through a negotiation. You repay only a fraction of what you currently owe.
Interest, late fees, and program fees may be included in the debt settlement.

You can do better than just your credit card minimum payment!

Debt Freedom Tips strongly urges you to payback more than just your credit card minimum payment. At 20% interest for $20,000 in credit card debt, just a difference of $15 per month over your credit card minimum payment could save you over $40,000 in interest! Even if you can afford to pay just a few dollars more than your monthly credit card minimum, your long-term situation will be greatly improved. If you cannot keep up with even your credit card minimum payments, then we recommend you consider a debt relief program such as debt settlement.

Quick Debt Freedom Tips

Tip 12: Simply by making your mortgage payment twice per month at 1/2 the amount, rather than making traditional monthly payments, you could save tens of thousands of dollars over the life of your loan, and have it repaid several years early. Contact your mortgage company and see if they will accommodate, and if not, consider refinancing with someone who can.

Tip 1: When trying to pay down multiple credit cards, concentrate overpayment on the card with the lowest balance, while making near-minimum payments on the remaining cards. As cards are paid-off, do not lower your overall monthly debt payment until all cards are paid-off.

Tip 2: Your credit score impacts the cost of borrowing money (interest rate). The higher your credit score, in general, the lower interest you will be offered by creditors. Take active measures to keep your credit score high, and your overall loan payments will be lower comparatively.

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