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Frequently Asked Questions
How long does paying only the minimum take?
Longer than almost anyone realizes. On a $6,500 balance at 24.99% APR with a $130 minimum payment, you're looking at over 9 years to pay it off and you'll pay more in interest than your original balance. That's not a typo. Credit card minimum payments are deliberately designed to keep you in debt as long as possible. Run your own numbers above and see for yourself.
How much of a difference does paying extra actually make?
An enormous one. On that same $6,500 balance, bumping your monthly payment from $130 to $300 cuts your payoff time from 9+ years to about 2.5 years and saves over $4,000 in interest. That's the power of putting more toward principal early. Even an extra $50 a month is worth doing. The math compounds in your favor quickly.
Should I pay off my highest-rate card first or my smallest balance?
Mathematically, the highest-rate card first (the avalanche method) saves the most money overall. Psychologically, the smallest balance first (the snowball method) gives you quicker wins that keep you motivated. Both work. The best method is whichever one you'll actually stick to. If you've started and stopped debt payoff plans before, try the snowball. If you're disciplined, go avalanche.
Is a balance transfer worth it?
Often, yes. If you use it correctly. A 0% intro APR balance transfer card can freeze your interest for 12–21 months, letting every dollar you pay go straight to principal. The catch: there's usually a 3–5% transfer fee, and if you don't pay off the balance before the promo period ends, you'll get hit with the full rate retroactively. Have a clear payoff plan before you transfer, not after.
What's the real APR on most credit cards right now?
As of 2025, the average credit card APR in the US is hovering around 21–27%, the highest levels in decades. Store cards often run 28–32%. If you're carrying a balance at these rates, it is almost certainly the most expensive debt you have. Paying it down should almost always take priority over saving, investing, or paying extra on lower-rate debts like mortgages or student loans.
Will paying off my credit card hurt my credit score?
No. It will almost certainly help it. Credit utilization (how much of your available credit you're using) is one of the biggest factors in your score. Paying down your balance lowers your utilization, which typically lifts your score. The only nuance: don't close the card after paying it off, as that reduces your available credit and can temporarily dip your score.