$15,000 Debt at 20.99% APR

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

Minimum payment result
10 yrs
paying $300.00/month
Total interest (minimum)
$20,918.51
paid on top of the $15,000 you borrowed
Fixed 3-year payoff
$565.05/mo
clears the debt in exactly 36 months
Total interest (3-year)
$5,341.75
total cost to escape this debt in 3 years
$15,576.76
saved by paying $565.05/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 10 yrs $20,918.51 $35,918.51
Fixed 3-year payoff $565.05 36 months $5,341.75 $20,341.75
The fix: Commit to $565.05/month — $265.05 more than the minimum. This clears the debt in 3 years and saves $15,576.76 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 20.99% 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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