I'm making my monthly credit card payment and not using my credit card anymore, why isn't my debt getting any smaller?

The time it takes to pay-off credit card debt depends upon the balance, interest rate and amount of payment you're making each month. Here's an example: if you are making the minimum payment on an $8,400 balance at the average annual 18.9% interest rate, it would take you 28 years and 3 months to pay off. You would pay your credit card company a total of $21,464.46. Interest accounts for $13,064.46 of the total amount paid.

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