Category
Credit Cards
Payoff planning, interest and the minimum-due trap
The credit card is the most expensive everyday borrowing most people do — roughly 3–4% a month. These tools make the real cost visible: how long your outstanding balance takes to clear at a given monthly payment, the total interest, and how the 'minimum amount due' can keep you in debt for over a decade. Plan your payoff and get out faster.
Why the minimum payment is a trap
Paying only the minimum keeps the card active but leaves almost the whole balance charging interest, and new purchases often stop getting the interest-free period until the old balance is cleared. The payoff tool shows how many months and how much interest a balance really takes at the payment you choose, which is usually far longer than people expect.
Card vs loan
If you cannot clear a balance in a month or two, moving it to a cheaper personal loan or an EMI conversion can cut the cost sharply, but only if you stop adding new spending to the card. Compare the total cost, including any processing fee, not just the monthly rate.