Paying more than the minimum payment on your credit card saves you money on interest and helps you pay off the balance faster. Minimum payments are often calculated as a small percentage of your total balance, which can extend the repayment period for many years if only the minimum is paid.

By paying extra, you reduce the principal balance quicker, which in turn reduces the amount of interest you owe. This not only shortens the life of the debt but also boosts your credit score by lowering your credit utilization. It's one of the most effective ways to get out of debt faster.