$15,000 Debt at 22.99% APR

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

Minimum payment result
13 yrs 11 mo
paying $300.00/month
Total interest (minimum)
$35,083.14
paid on top of the $15,000 you borrowed
Fixed 3-year payoff
$580.57/mo
clears the debt in exactly 36 months
Total interest (3-year)
$5,900.40
total cost to escape this debt in 3 years
$29,182.74
saved by paying $580.57/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 13 yrs 11 mo $35,083.14 $50,083.14
Fixed 3-year payoff $580.57 36 months $5,900.40 $20,900.40
The fix: Commit to $580.57/month — $280.57 more than the minimum. This clears the debt in 3 years and saves $29,182.74 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 22.99% 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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