How long will it take to pay off my debt?
Enter a balance and interest rate to see how long minimum payments really take, what a fixed payment saves, and what happens if the lender freezes interest. Got several debts? Compare the avalanche and snowball methods below.
One debt
Several debts: avalanche or snowball?
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The minimum payment trap
Minimum payments are set so that the account stays up to date, not so that the debt is cleared quickly. Because the minimum falls as the balance falls, paying only the minimum can stretch a few thousand pounds over many years and cost more in interest than the original balance. Paying a fixed amount each month — even slightly more than today’s minimum — makes a large difference.
How the calculator works
Interest is calculated monthly at one-twelfth of the APR. The minimum payment uses a common UK formula: the month’s interest plus 1% of the balance, or £25 if that is more. Your card’s formula may differ — check your statement. The results assume the rate does not change and you do not spend more on the card.
Avalanche or snowball?
Both methods pay the minimum on everything and put any extra towards one debt at a time. Avalanche targets the highest interest rate first, which usually costs least. Snowball targets the smallest balance first, so whole debts disappear sooner. If you are struggling to pay even the minimums, neither method is the answer — ask creditors to freeze interest and get free advice.
If you have been paying for years
If you have paid more in interest and charges than off the balance for 18 months, FCA rules mean your card provider must contact you. Persistent debt explained.
The full figures for common balances and rates are in our minimum payment trap research.
You never have to pay for debt advice. MoneyHelper (government-backed), StepChange, National Debtline and Citizens Advice all give free, confidential advice with no obligation.
Common questions
How long does it take to pay off a credit card with minimum payments?
Often many years. Because the minimum payment falls as the balance falls, a few thousand pounds at a typical credit card rate can take well over a decade to clear on minimums alone. Use the calculator to see your own figures.
Is it better to pay off the highest interest or smallest debt first?
Paying the highest interest rate first (avalanche) usually costs least overall. Paying the smallest balance first (snowball) clears individual debts sooner. Either way, keep paying at least the minimum on everything.
Can I ask my credit card company to freeze interest?
Yes. If you are in financial difficulty you can ask the lender to freeze or reduce interest and charges. Lenders must consider forbearance under FCA rules, though they do not have to agree.