Find an extra $20 per week for the remainder of the year, and put it toward debt reduction. Not worth the trouble? Consider this: If you currently owe $1,000 on a credit card, have an Annual Percentage Rate of 18 percent, and are making a minimum monthly payment of 2 percent of balance, even if no further charges are ever added to the account, you wonâ€™t have that $1,000 paid off for 12 years. You donâ€™t want to still be paying for 2011 charges in 2023. Adding that extra $20 per week to your minimum payment almost cuts your debt in half by the end of this year.