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paying just a little more than your credit cards monthly minimum payment makes a big difference lets take a look at Tom and Sarah to see just how big Tom and Sarah both charged super sleek razor thin laptops on the same day for two thousand dollars Tom and Sarah are both very cool cats so each has a beginning balance of two thousand dollars if you think of debt as a pile of dirt that has to be shoveled away Tom and Sarah are starting out with equal piles both Tom and Sarahs credit cards charged eighteen percent annual interest and require a typical minimum payment of the interest plus one percent of the principle Tom only pays the minimum which means hes keeping ahead of interest charges but not by much Sarah though is a go-getter she pays an additional ten dollars each month its like having a helper digging alongside her so Sarahs progress is quicker how much quicker by only making minimum payments it will take 131 payments almost 11 years for Tom to pay off his balance Toms int