What is the most likely outcome of making only on-time minimum payments to a credit card with a balance for an entire year?

If you pay the minimum toward your balance each month, here’s what you can expect to happen:

Paying down your debt will take much longer. You’ll rack up bigger interest charges. Your credit score could take a hit.

Credit card issuers tend to set minimum payment requirements at rock-bottom levels. You’ll generally owe either a fixed amount - often $25 - or a percentage of the balance, whichever’s greater. Some cards require you to pay only 1% or 2% of the balance each month, plus any fees and accrued interest. Making these small payments on time will let you avoid late fees, but you won’t make any real progress on paying down your balance.