$15,000 Debt at 15.99% APR

Here is exactly what minimum payments cost you — and a clear path out.

Minimum payment result
6 yrs 11 mo
paying $300.00/month
Total interest (minimum)
$9,870.53
paid on top of the $15,000 you borrowed
Fixed 3-year payoff
$527.28/mo
clears the debt in exactly 36 months
Total interest (3-year)
$3,982.15
total cost to escape this debt in 3 years
$5,888.38
saved by paying $527.28/month instead of $300.00/month

Payoff Strategy Comparison

Strategy Monthly Payment Time to Pay Off Total Interest Total Paid
Minimum payments only $300.00 6 yrs 11 mo $9,870.53 $24,870.53
Fixed 3-year payoff $527.28 36 months $3,982.15 $18,982.15
The fix: Commit to $527.28/month — $227.28 more than the minimum. This clears the debt in 3 years and saves $5,888.38 in interest.

How Minimum Payments Are Calculated

Credit card issuers typically set the minimum at the greater of $25 or 2% of the outstanding balance. For $15,000 at 15.99% APR, the minimum is $300.00/month. While this keeps you current with the lender, most of each payment goes to interest — not principal.

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