Credit card companies set minimum payments deliberately low — usually just 1% to 2.5% of your balance plus interest. This is designed to keep you in debt for decades, maximising their profits.
Use our calculator to see the shocking reality of the minimum payment trap, and see how adding just £20 extra a month can change your financial future.
Minimum Payment Trap
Calculate your true debt timeline.
If you have a £3,500 balance at 22.9% APR and only pay the minimum, it will take you over 22 years to clear the debt, and you will pay more than £4,500 in pure interest.