According to statistics, a vast majority of cardholders happen to be revolvers, i.e. users who carry their balances from month to month. No wonder why heavy credit debts become a great problem for millions of people nationwide.

Paying only the minimum is definitely much easier at first glance rather than pay off the entire balance each month. But the point is your monthly payments cover mostly interest and a small portion of your balance. Have you ever wondered, how much time can it take to pay off a balance on your card? Let's try to find the answer to this question!

Day by day we use purchases cards to buy products and services. Sometimes, customers don't even track where their money goes. Paying some $150-$200 seems like no big deal. Most companies set a minimum monthly payment at 2-5% of your credit debt. This way, if you carry a heavy balance, it may take you years to pay it off by making the minimum payment only, especially when it comes to high-rate plastics.

The main purpose of the minimum payment is to string out interest over the time. The longer you pay off your balance, the more you pay on interest. Unfortunately, not all credit users realize this.

Let's assume, you're carrying a $5,000 balance on the card with the ongoing APR of 14.9%. This way, by paying the minimum, it will take 6.5 years to pay off this debt. In view of the fact that people keep on making new purchases on our cards regularly, it could take decades to pay off our heavy balance. Do you really like to pay off the purchases you make through all of your life? Most obviously, you don't.

The best idea is to pay more than minimum. Pay as much as you can, or better, pay off your balance in full each month. Doing so, not only you can pay off your debt faster, but save hundreds of dollars on interest as well. Keeping your credit spending under control, you have all the chances to clear your debts.

Interestingly, even extra $20 or $30 a month could speed up the process of repayment greatly. If you cannot find extra bucks to put towards your minimum monthly payments, consider some creative methods of making money. Selling old things like CDs or toys at online auctions can make additional funds available. Some sites even pay for great name ideas for products and businesses. A part-time job or selling your second car can also help you get extra dollars.

As you see, paying more than minimum is not that difficult as it seems at first glance. The key is to fully understand the real cost of minimum credit payments and then take steps to pay off your balances as quickly as possible.