In theory, yes, you can pay off your credit by simply making the minimum payments. However, it can take you years to pay it off. Moreover, you’ll be paying an exorbitant amount in interest. For example, if you have a credit card balance of $5,000 with an interest rate of 20% and a minimum payment of 4%, it will take you 13 years and 4 months to pay it off. The total interest paid would be $3,468.95. On the other hand, if you make regular payments of let’s say $500, it will take you 1 year to pay it off. Moreover, you’d only pay $515.22 in interest.