Calculate how fast you can eliminate credit card debt and escape the minimum payment trap using smart repayment strategies.
Credit card issuers calculate minimum payments as low as 1% of the balance plus monthly interest. This keeps you in debt for 15 to 25 years and often forces you to pay triple the original purchase price in interest.
The Debt Avalanche method pays the highest APR balance first, saving the most money in mathematical interest. The Debt Snowball pays the smallest dollar balance first, creating psychological momentum.
Yes! Credit utilization accounts for 30% of your FICO score. Bringing utilization below 10% on revolving credit cards typically yields an immediate 25-50 point score boost.