Bankrate.com credit card calculator -- How much will the minimum credit card payment cost me?

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Financial Literacy - Debt management

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The true cost of paying the minimum

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The true cost of paying the minimum


What is your credit card balance? (no commas)	$
What is the interest rate on your credit card? *
How is your minimum payment calculated?
Your minimum payment:	$
What fixed payment could you make each month?	$
Select a payment schedule based on:		Minimum payment
Select a payment schedule based on:		Fixed payment

The minimum payment on credit card debt is calculated as a percentage of your current balance. The minimum payment drops as your balance is paid, but thanks to the magic of compounding, you'll end up paying for a long, long time.