What this means for you
- Don't let your payment fall. When your statement shows a lower minimum, keep paying what you paid last month. That one habit does most of the work.
- A little extra goes a long way. Paying £129.03 a month, £50 more than the first minimum, clears £2,809 in 2 years 4 months with £786 of interest.
- Check how your card works out the minimum. Some cards, such as new Lloyds Bank cards, ask for interest plus 2.5% of the balance. On those the same balance clears in 12 years 10 months with £1,936 of interest.
- Stuck on the minimum? If you can only afford the minimum, free debt advice can help. See the organisations on this page.
Try your own balance in the credit card payoff calculator, or plan several debts at once with the debt snowball calculator.
Results by balance
| Balance | First minimum | Minimum only | Fixed payment |
|---|---|---|---|
| £1,000 | £28.14 | 18 years 10 months £1,559 | 4 years 10 months £607 |
| £1,444 (per adult) | £40.63 | 21 years 10 months £2,342 | 4 years 10 months £877 |
| £2,809 (per household) | £79.03 | 27 years 3 months £4,750 | 4 years 10 months £1,706 |
| £5,000 | £140.69 | 32 years £8,615 | 4 years 10 months £3,037 |
| £10,000 | £281.38 | 37 years 8 months £17,436 | 4 years 10 months £6,073 |
Results by interest rate
| APR | Minimum only | Fixed payment |
|---|---|---|
| 18% | 26 years 9 months £3,963 | 5 years 1 month £1,496 |
| 21.55% | 27 years 3 months £4,750 | 4 years 10 months £1,706 |
| 24.71% | 27 years 9 months £5,449 | 4 years 7 months £1,879 |
| 30% | 28 years 4 months £6,613 | 4 years 3 months £2,144 |
21.55% is the Bank of England's effective rate on interest-charging cards and 24.71% is The Money Charity's average for interest-bearing card lending. 18% and 30% show a cheaper and a more expensive card.
How we worked it out
- Balance: the average credit card debt per UK household (£2,809) and per adult (£1,444) at the end of June 2026, from The Money Charity, plus £1,000, £5,000 and £10,000.
- Interest rate: 21.55%, the Bank of England's effective interest rate on interest-charging credit cards for August 2026.
- Interest: added each month at the APR divided by 12, rounded to the penny.
- Minimum payment: interest plus 1% of the balance, or £5 if that is more. This is the lowest minimum FCA rules allow (CONC 6.7.5R) and the formula Barclaycard uses. It is worked out again every month, so it falls as the balance falls.
- Fixed payment: the first month's minimum, paid every month until the card is clear.
- Not included: new spending, fees, late payments, promotional 0% rates and rate changes. Real lenders charge interest daily, so actual figures can differ slightly.
These are modelled estimates, not survey results or financial advice. The model is checked against our payoff calculator and lines up with The Money Charity's own estimate that a card at the average rate takes 28 years to clear on the legal minimum.
Download the full results (CSV)
Sources
- Bank of England, Money and Credit, August 2026: Effective interest rate on interest-charging credit cards: 21.55% in August 2026.
- The Money Charity, The Money Statistics, August 2026: UK credit card debt of £81.6 billion at the end of June 2026: £2,809 per household and £1,444 per adult. Average rate on interest-bearing card lending: 24.71% in July 2026.
- FCA Handbook, CONC 6.7.5R: The minimum repayment on a credit or store card must at least cover the interest, fees and charges added plus 1% of the amount outstanding.
- Barclaycard, how your minimum payment is calculated: The greatest of £5, 1% of the balance, or 1% of the balance plus interest and fees.
- Nationwide, credit card minimum payments: Interest and late payment fees plus 1% of the balance, or £25 if greater, on its main cards.
- Lloyds Bank, what is a minimum payment?: 2.5% of the balance plus interest and fees, or £5 if higher, for new customers.