Free Credit Card Payoff Calculator: The Cost of Minimum Payments — Debt.com
Minimum payment schedules are not designed to pay off credit card balances quickly. In fact, they’re really designed to keep you in debt as long as possible. Interest charges are how credit card companies make profits. So, it’s in their best interest to keep you in debt as long as possible. But it’s definitely not in your best interest!
Why minimum payments don’t work
Minimum payments only pay off a small percentage of what you owe each month — usually…