UK Credit Card Minimum Payment Trap vs Fixed Monthly Payoff Calculator
Paying only the minimum monthly repayment (1% of balance + interest, min £5) on a £3,500 UK credit card at 24.9% APR takes over 27 years and costs £5,180 in interest. Fixing your monthly payment at £150 clears the debt in 2 years and 6 months, saving £4,160.
| Repayment Strategy (£3,500 at 24.9% APR) | Time to Clear Balance | Total Interest Paid |
|---|---|---|
| Minimum Repayment Only (1% + Interest) | 27 years 4 months | £5,180 interest |
| Fixed £100 / month Direct Debit | 4 years 3 months | £1,590 interest |
| Fixed £150 / month Direct Debit | 2 years 6 months | £1,020 interest |
| Fixed £250 / month Direct Debit | 1 year 4 months | £565 interest |