You make the minimum payment. You check the balance. It barely moved.
You're not bad with money. The math is just built this way.
The Numbers
The average Canadian carries about $4,415 on their credit card, at an interest rate of around 20.99%.
That's roughly $77 in interest every month — quietly added before your payment even lands.
A typical minimum payment on that balance is around $88.
So you pay $88. $77 of it covers the interest. About $11 actually touches what you owe.
At that rate, it would take over 30 years to pay off a $4,415 balance making only minimum payments — and you'd pay nearly $10,000 in interest along the way.
What That $10,000 Actually Is
- 🌴 Four trips to Mexico
- 🚗 A decent used car
- 🦷 Every dental appointment you've been avoiding since 2022, twice over
The Fix Isn't Shame
This isn't a "you" problem. The minimum payment is designed to keep the balance alive as long as possible — that's how the card makes money.
The fix is seeing it coming before the statement does. Knowing what's going out, when, and whether you're covered.
That's the whole reason Viktoria exists.