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Before you start
See how a declining minimum can extend repayment, and compare keeping today’s payment fixed.
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Check the formula on your statement
This tool uses the greater of a percentage of the interest-added balance or a fixed dollar floor. Card issuers can use different formulas, add fees or past-due amounts, and change rates. The estimate is not a substitute for the statement’s repayment disclosure.
Why a shrinking payment matters
As the balance falls, a percentage-based minimum generally falls too. Keeping the initial payment fixed can reduce time and interest in this model, provided the amount remains affordable and no new spending is added.
If the balance is not shrinking
Check the rate, fees and new charges, then contact the issuer before committing to a new program. A hardship arrangement or nonprofit credit counseling may address payment strain without assuming settlement.
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Sources & further reading
Sources checked October 19, 2026. Rules and programs can change. This article uses AI-assisted research and has not received attorney or other professional signoff. Read our editorial standards.