$15,000 Debt at 18.99% APR

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

Minimum payment result
8 yrs 4 mo
paying $300.00/month
Total interest (minimum)
$14,933.70
paid on top of the $15,000 you borrowed
Fixed 3-year payoff
$549.76/mo
clears the debt in exactly 36 months
Total interest (3-year)
$4,791.58
total cost to escape this debt in 3 years
$10,142.12
saved by paying $549.76/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 8 yrs 4 mo $14,933.70 $29,933.70
Fixed 3-year payoff $549.76 36 months $4,791.58 $19,791.58
The fix: Commit to $549.76/month — $249.76 more than the minimum. This clears the debt in 3 years and saves $10,142.12 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 18.99% 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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