Paying only the minimums can take years upon years to pay off the full balance. In many cases, more than a lifetime! A quick example: For a $10,000 debt with an interest rate of 19%, you will end up paying $10,834.16 in interest alone by only making the minimum payments. This means that you’ll find yourself paying back a total of $20,834.16! Not to mention that it will take you 258 months to pay in full. A clearly better strategy is to pay MORE than the minimum payment each month. If you can’t pay more, you need help NOW! Check out the chart below for common scenarios and time periods of when you can expect a debt to be repaid.