What this tool shows you

Paying only the minimum each month keeps your card active and the lender happy, but it can stretch a modest balance into a debt that follows you around for years. This calculator gives you an honest look at the numbers, so you can see exactly what the minimum payment route costs you in time and in interest.

It also shows what happens if you pay a bit more each month. Even a small top up on top of the minimum can shave years off the balance and save a surprising amount in interest.

Who it is for

If you have a credit card balance you are not clearing in full each month, this is worth a few minutes of your time. It suits people who have slipped into the habit of paying the minimum, anyone weighing up whether to overpay or move the debt to a 0% balance transfer card, and anyone who just wants a clear picture of what their card is actually costing them.

It is also useful if you are helping a family member get a grip on their card debt, or if you want to set yourself a realistic target payment before you start budgeting.

How it works

You enter three things: your current balance, the APR on your card, and optionally an extra amount you could put towards it each month. The tool then works out how long it would take to clear the card on minimums alone, the total interest you would pay, and how those figures change if you pay a little more. The results come back in plain English with no jargon. Nothing you enter is saved or shared, the calculation happens in your browser and disappears when you close the page.