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How long to clear your balance — and what it really costs you
Credit card debt is expensive because of compound interest — your card charges interest on the balance each month, which gets added back onto what you owe. At a typical UK APR of 24.9%, a £3,500 balance paid off at £150 per month takes around 28 months and costs over £650 in interest alone.
The minimum payment trap is one of the most costly mistakes — credit card minimum payments are often just 1–2% of the balance, meaning it can take decades to clear a balance and you'll pay several times the original amount in interest. Even paying £20–£50 more per month can save hundreds in interest and cut years off the repayment time.
If you have multiple debts, consider our Debt Snowball Calculator to plan the most efficient payoff order. To understand your monthly budget for repayments, use our Take-Home Pay Calculator.