With a typical minimum payment of $200/month (about 2% of the balance), a $10,000 balance at 15% APR takes 6 yr 7 mo to pay off and costs $5,791 in interest. Adding just $100/month cuts that to 3 yr 8 mo and $3,017 in interest.
Minimum payments are kept small — around 2% of the balance — which is what stretches payoff over years: most of each early payment goes to interest, not principal. Paying a fixed amount above the minimum sends every extra dollar straight to principal, lowering the next month's interest and compounding in your favor. Holding that extra payment steady, even as the required minimum falls, is the single biggest lever on both the time and the total interest.
Compare nearby scenarios: $7,500 at 15% APR · $15,000 at 15% APR · $10,000 at 12% APR · $10,000 at 18% APR.
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Updated July 2026