Why The Minimum Payment Keeps You In Debt
Each month, interest is added to what you owe. Your payment covers that interest first, and only the remainder reduces the debt. When the payment is small, most of it goes to interest and the balance barely moves.
A minimum payment is a percentage of the balance, so it shrinks as the balance shrinks. That stretches the debt out for years. Paying a fixed amount instead, even a modest one, clears it far sooner. The table shows the difference for your figures.
If your payment is less than the monthly interest, the debt grows no matter how long you pay. MoneySense suggests paying off high-interest debt such as card balances first, and has guidance on what to do if repayments are becoming hard to manage.