The short answer: it depends almost entirely on how much you pay each month. At a typical card rate of 24.9%, £5,000 could take less than two years, or more than seven.
The full breakdown
Here's what clearing £5,000 at 24.9% looks like with a fixed monthly payment and no new spending:
| Paid each month | Time to clear | Interest paid | Total paid |
|---|---|---|---|
| £125 | 7 years 3 months | about £5,790 | about £10,790 |
| £150 | 4 years 10 months | about £3,590 | about £8,590 |
| £200 | 3 years | about £2,120 | about £7,120 |
| £250 | 2 years 3 months | about £1,530 | about £6,530 |
| £300 | 1 year 9 months | about £1,200 | about £6,200 |
Going from £125 to £150 a month, just £25 more, saves over two years and about £2,200 in interest. That's because at £125, roughly £100 of each early payment goes on interest alone.
Put in your own balance and rate in the credit card payoff calculator to see your debt-free date.
Why minimum payments take so long
UK card minimums are usually set at the interest and charges for the month plus about 1% of the balance, or a small fixed amount, whichever is higher. As the balance falls, so does the minimum, so you end up paying less and less off each month. Paying only the minimum on £5,000 can take well over a decade.
Card companies watch for this. If you've paid more in interest and charges than off the balance over 18 months, you're in what the FCA calls persistent debt, and your card provider will contact you about paying more. If it carries on, it must offer a way to clear the balance faster, and may suspend the card.
How to pay it off faster
- Fix your payment, don't let it fall. Set your direct debit to a fixed amount, such as £200, rather than the minimum. As the balance shrinks, more of it goes off the debt.
- Move it to 0%. A balance transfer card stops interest for a set time, so every pound goes off the balance. See is a 0% balance transfer worth it?
- Stop adding to it. Take the card out of your digital wallet and use a debit card for day-to-day spending.
- Add windfalls. Lump sums go straight off the balance and cut the interest on every month that follows.
- Ask for a lower rate. It's worth a call, especially if you've had the card a long time and always paid on time.
Got more than one card?
Pay the minimum on every card, then put any extra on one card at a time. Choosing the highest rate first (avalanche) saves the most; choosing the smallest balance first (snowball) clears accounts sooner. Our snowball vs avalanche worked example shows the difference, and the payoff calculator plans all your debts together.
Examples assume a fixed 24.9% rate with monthly interest, a fixed monthly payment and no new spending or fees. Your card's rate and minimum payment rules may differ. This guide is general information, not financial advice.