How long will it take to pay off my credit card?
The UK Finance calculator can tell you how long it would take you to pay off your credit card by only paying the
minimum amount. It can also tell you how quickly you could pay it off by increasing your
For example, let's say you owe £2,796 on a credit card that you no longer use. Depending on how much you can pay on top of the monthly minimum payment, there'll be a drastic reduction in what you pay in total over time. (Note: these figures are based on estimates and will vary depending on your interest rate.)
What if I don’t increase my payments?
You can carry on making the minimum payments towards your credit card. This won’t cause your account to default, but you should bear in mind that:
- It’ll take much longer to clear your debt
- The overall cost of your debt will be much higher
If you continue making nine more monthly minimum payments after receiving an initial persistent debt letter, you’ll get another reminder to pay more to your credit card balance.
If you make another nine monthly minimum payments after receiving your letter, then your card provider could:
- Put you on an ‘increased payment plan’ to clear your card
- Consider other forms of credit which could help you pay the debt off
- Reduce your interest rate and suspend your card
Some credit card companies are changing their terms and conditions in order to put increased payments in place.
If this happens to you, be aware that if you don’t pay the increased amount on your card each month you could get extra charges, or missed payments logged on your credit file. They may even suspend your card.
For more information on what can happen if you don’t increase your persistent debt payments, please read our persistent debt guide (PDF).
How likely is it that my credit card could be suspended?
While your provider would only suspend your card as a last resort, ignoring them or not making any attempt to increase your payments could make a suspension more likely.
If increasing your monthly payment isn’t an option, they may suspend the card to prevent your balance getting any bigger.