What's the minimum payment on a $10,000 credit card balance at today's rates?

Your minimum credit card payment might seem manageable now, but it could keep you in debt for decades. Getty Images/iStockphoto

That little number at the bottom of your credit card statement — the minimum payment due — has a way of looking deceptively affordable. For example, if you're staring down a $10,000 balance that you can't pay off and the statement says you only need to pay a few hundred dollars this month, it can feel like you've been offered real relief from an otherwise hefty debt. By making just the minimum payment , you can keep your credit card account in good standing, avoid late fees and still have money left over for groceries, rent or that unexpected car repair.

But here's what many people don't realize: Taking that route is the financial equivalent of kic