You borrowed $5,000. You will pay back $17,000.
That is not a penalty. That is not a mistake. That is the minimum payment working exactly as designed. At 24% APR, paying only the minimum each month — typically 1–2% of the balance or $25, whichever is greater — a $5,000 balance takes 25 years to clear and costs approximately $12,000 in interest alone.
Read that again. $5,000 borrowed. $17,000 repaid. A 25-year sentence for one balance you may not even remember building.
The minimum payment is not a lifeline. It is a subscription to interest. The card issuer does not set it at a level that helps you get out of debt — it is set at a level that keeps the balance alive long enough to extract maximum interest before you figure it out. The math is not hidden. It is printed on your statement. Most people skip that section.
If you are carrying a balance right now, run the numbers on your own card. Your statement is required by law to show you how long payoff takes at the minimum — and what it costs. Look at that number before your next payment.
Share this with anyone who is making the minimum payment and thinks they are handling it. 💳
Save this post — it is worth coming back to.
Do you know anyone still paying the minimum?
