Worked example: $4,200 at 22.99%
Paying $105 a month takes about 77 months, more than six years, and costs about $3,844 in interest. Paying $250 a month takes about 21 months and costs about $917.
The extra $145 a month saves roughly $2,900 and five years.
Find the extra payment
Trim one or two wants, cancel subscriptions you don't use, or put a side income or refund straight onto the card. Even $25 more each month shortens the payoff.
Steps that cut the interest
Stop new charges on the card while you pay it down. Pay before the due date every month; a late payment can bring a fee and a higher rate. Ask the card issuer whether a lower rate is possible. Read the terms of any balance transfer offer, including the transfer fee and the rate after the offer ends, before moving a balance.
When you have more than one card
Pay minimums on all of them and put the extra on one card at a time. See the guide on the debt snowball and avalanche for how to choose the order.
Try the calculator
Run your own numbers in the free debt payoff calculator. It works in your browser and nothing you enter is saved or sent.
Do it in Wrenfold
Wrenfold's debt payoff planner shows how a bigger monthly payment changes your payoff date and the interest you pay. Wrenfold is the budgeting app we make. Your data stays in a file on your own device, and you can try it free in your browser with up to 60 entries.
Sources
Common questions
Why does the minimum payment take so long?
Much of each minimum payment goes to interest, so the balance falls slowly.
Is a balance transfer a good idea?
It can lower interest for a while, but it usually has a fee and the rate rises when the offer ends. Run the numbers with the fee included and read the terms.
Should I close a card once it is paid off?
Not always. Closing a card can lower your available credit, which can affect your credit score. Many people keep it open with no balance.
This guide is general information, not financial, tax or legal advice. Rates, fees and rules change, so confirm current terms with the lender, store or agency involved. All dollar figures are invented examples.