Wouldn’t you Love to Become Debt Free?  

Then Stop Paying Only Minimum Payments! Talk to a Debt Counselor Toll-Free 866-376-9846

Paying only minimum payments on credit card debt can keep you paying on debt forever, learn about debt relief programs to get out of debt faster.

What is your goal?

Are you trying to pay off your accounts or just get by?

Are you looking to save money?

Are you looking for a solution?

Do you want to build a high credit score?

Start here

Do you ever look at your monthly statements?  Make sure to view your monthly statements because by law creditors must disclose on your monthly statement how long it will take for you to pay off all your debt by paying only minimum payments.  After you see these numbers, you may think twice about only paying minimum payments on your credit cards. 

Paying Minimum Payments, Credit Cards and Credit Card Debt

Paying Minimum Payments Only = More Interest $$$

How to Pay off Credit Card Debt Faster

To pay off a high bill in a reasonable time-frame, usually a consumer will be required to pay more than only the minimum payment.  Depending on how high your interest rate is, will also determine how long it will take to pay off your debt.  There are times where if a person only pays the minimum payment towards a bill, it could take them more than ten years to pay off that account.

Therefore to pay off a bill faster, pay more than the minimum payment.

A Credit Card Minimum Payment Calculator Tool 

Debt Calculator

Calculate Again
Enter your total debt
punctuation marks are not required

Debt amount must be greater than $7,500!
Interest percentage*

Enter value of 0 to 99.99%
Type a monthly payment you can afford to become debt free
punctuation marks are not required

is your minimum monthly payment for total debt!
* Put the average interest rate that you are paying or that you were paying on your accounts. This will be used to calculate how much you would end up paying when staying current on your accounts. The interest rate that you put in here, will not effect the figures that are calculated for the consumer credit counseling and debt settlement programs.
Calculate Debt
#Debt ValidationDebt SettlementConsumer Credit CounselingOn your Own
Total Unsecured Debt
Time to Pay Off
Interest rate0%0%8%
Monthly Payment
Total Pay Back

This type of tool will often open a consumers eyes allowing real figures to be revealed that credit card companies will often do their best to hide.

If you plan to increase your monthly payment, first utilize a debt calculator.  This will allow you to see a few different scenarios.  Plug in a variety of numbers. 


If you pay an additional twenty-five dollars each month towards a bill, how long will it take to pay that bill off?

Then calculate paying an extra fifty dollars each month towards that bill.

Get a clear vision in your mind regarding what it will take to pay off an account, before taking action.

The credit card minimum payment calculator above is accurate, and it can be a very helpful tool that allows consumers to be informed.  

Try our credit card calculator and stop paying minimum payments on credit card debt

Learn how to save money in interest, paying off credit cards much faster!

Paul Paquin, the CEO at Golden Financial Services, said: “if you are only paying minimum payments on a credit card with a high balance and interest, you may be paying on that account for the rest of your life.”

The debt payoff calculator above, provided by Golden Financial Services, will provide you an estimate of what you will pay in total on your credit card debt if you continue to stay current, on a debt consolidation plan or with debt settlement. These are just estimates, and the results could change due to interest and other factors.

What is a good rule to follow to raise your credit score?

If you are financially in a good position, you should pay to double the minimum payment on high credit card debt, until you get the balance to be below 30% of what the limit is.  If you cannot pay double the minimum payment on your cards, then at least try to pay more than the minimum payment to start lowering your balances and improving your credit score.  A good rule to follow that will help with raising your credit score is to keep your balances on your cards below 30% of what the credit limits are.  This will help you to build credit and not debt!

If you are utilizing more than half of the limit given to you on your cards, this could lower your credit score.   On top of that, if you are paying only minimum payments, this habit will not help your credit score or cash flow over the long term.

View more on debt relief options You can also call 866-376-9846 for FREE INFORMATION!