Making only your credit card minimum monthly payment is widely considered the least advantageous debt relief solution for the consumer, and the most favorable scenario for the credit card company.
Any credit card holder who pays only his or her credit card minimum monthly fees will see little drop in their account balance.
Because your minimum monthly payments are designed to maximize revenue for your creditor, your expenses will be maximized.
For every $10,000 in card debt that you build up, by making only the minimum payments, you may have to repay as much as $80,000.
For a $20,000 debt balance, a simple overpayment of $15 per month can save you over $40,000 in interest, depending on your interest rates and other factors.
Making Minimum Payments

• Continuing to pay monthly minimums is beyond doubt the most expensive debt relief option.
  By the time you retire your debt, you will have paid back as much as 10 times more than what you borrowed.
  
• Because it can take over thirty years to complete this program, the idea of debt freedom is little more than an illusion.
  
• Interest rate hikes, payment term adjustments, imposed fees and other creditor tricks only make the situation worsen over time.
  

What are your debt relief options? Credit card debt relief can be achieved through 4 unique options.
Each option has strengths as well as weaknesses, and the best option for you depends entirely on your unique financial circumstances.

• Overpaying your minimum payment - If you can keep up with a modest overpayment, this option will reduce your debt while not impacting your credit score.
  
• Credit Counseling - An effective credit card debt reduction solution if you have low-to-moderate amounts of debt (under $12,000).
  You are expected to repay your debts in full, with interest.
  A credit counseling program may impact your credit score.
  
• Debt Settlement - An aggressive debt relief solution that actually lowers the amount of debt that you must repay your debtors in order to satisfy your debt.
  You are typically required to have a minimum of $10,000 of unsecured debt to participate.
  Unsecured debts include credit cards, gas/retail cards, personal loans, and medical bills.
  Your credit score tends to rebound after completion of the program.
  
• Bankruptcy - Typically considered a worse-case debt relief scenario.
  A bankruptcy filing can linger on your credit report for up to a decade and in some cases may impact your ability to get a job.
  This is a complete financial surrender, and your fate is largely determined by the bankruptcy courts.
  

If you make as much effort as possible to pay more than your minimum payment, you will start to see your debt balance go down.
Think of an overpayment as an investment.
If you can prevent an interest fee of 20%, that is the same as making an investment with a 20% return.
However it is unlikely that you will find an investment that can guarantee a financial return as high as you are guaranteed to save by overpaying your bills.