When money is tight, it’s natural to pay just the minimum you owe on credit cards, catalogues or loans. But what if paying just a little more could save you a lot in the long run?
That’s where payment calculators come in. They show you how much your debt really costs, and how a small change in how you repay it could make a big difference.
This blog explains what payment calculators are and why paying just a bit more (when you can afford to) could save you stress, time, and money.
What is a payment calculator?
A payment calculator is a free online tool that helps you see:
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How long will it take to pay off a debt
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How much interest you pay over time
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How does the total change if you pay more each month
It’s a great way to understand the real cost of borrowing.
While some official tools like the one from MoneyHelper are no longer available, you can still use trusted guides to understand your credit better, like:
- Citizens Advice – Credit Cards
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National Debtline Budget Tool – to work out what you can afford to repay
If you do choose to use a calculator on another website, just make sure it’s from a trusted source and doesn’t ask for personal information.
Why only paying the minimum can cost more
Most credit cards and catalogue accounts have a minimum payment, often just a small percentage of what you owe.
But paying only the minimum can stretch your debt out for years and cost you hundreds in interest.
Example:
You owe £1,000 on a credit card at 20% interest
Minimum payment: £25/month
You’d take over 5 years to repay it
Total interest paid: £556
But if you paid £30/month instead of £25?
You’d clear the debt a year earlier, and save £115 in interest.
Why paying more (if you can) makes a big difference
Even a small extra payment can:
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Reduce your interest – you pay off the balance faster, so less interest builds up
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Shorten your repayment time – so you’re debt-free sooner
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Give you peace of mind – knowing you’re making progress, even if it’s slow
No judgement. Just a calm, private way to take back control.
1. Start with something small
You don’t have to go through it alone. You could speak to:
- A support worker
- A friend or family member
- A debt charity like StepChange or National Debtline
“I added just £10 extra to my loan payment each month. It didn’t feel like much, but I shaved a year off my repayment plan.”
IE Hub UserOnly do what feels manageable
Not everyone can afford to pay more, and that’s okay. Start by using a payment calculator to understand your situation.
If you can add even £2–£5 a month, it’s still progress.
If you can’t right now, focus on making your essential payments and getting support; we’re here for that too.
How IE Hub can help
When you complete your budget with IE Hub, you can:
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See your current credit commitments
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Share this with creditors to ask for support
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Look for small savings that could free up £5–£10 each month
We make it easier to understand your finances, explore your options, and take back control — without judgment or pressure.
Final thought
You don’t need to pay off everything all at once. But if you’re able to pay even a little extra, whether that’s £2, £5 or £10, it can make a real difference over time.
The best first step? Use a calculator to see where you stand. Because once you understand your payments, you can start to shape your future, one pound at a time.
