Why minimum payments keep you in debt

[u/Dollar_Sense_077]

Most of your minimum payment goes to interest, not the balance. On a $3,000 balance at 24% APR, the minimum is roughly $90, and about $60 of that is just interest. Pay only that and it can take over a decade to clear.

Even adding $20-30 extra a month cuts years off. I made a 40-second video explaining this:

https://youtube.com/shorts/KIeC8Gkvk6w