Paying only the minimum (2% of balance) means your payment shrinks as the debt decreases. With 18% APR charging 1.5% interest monthly, you’re only reducing your balance by 0.5% each month. This creates a dangerous cycle where you barely make progress and interest accumulates for decades. Note that your credit card terms may have a higher percentage or higher percentage + monthly interest combination, or even a set flat rate. Also note that the national APR average is around 21.4%. That means this is a more conservative example. Better approach: Pay a fixed amount above the minimum to escape the debt much faster and save thousands in interest.