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Friday, October 31st 2014


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The minimum payment on credit card debt is calculated as a percentage of your total current balance, or as all interest plus 1 percent of the principal. Card issuers also set a floor to their minimum payments -- a fixed dollar amount that the minimum payment won't fall below.

The minimum payment drops as your balance is paid, but thanks to compounding interest, you will end up paying for a long, long time if you pay only the minimum.

Check out how much interest you will pay over the life of the debt by using this calculator. To begin, click the "Inputs" tab and enter your information. Click "Calculate" and then view detailed information by clicking "Results," "Graphs" and "Tables."

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