A:  Not only is it possible, it is wise and responsible to pay as much as possible to reduce the outstanding loan balance, particularly on credit cards.  Making  only the minimum monthly payment, particularly on large balances, results in substantial finance charges. For example, a $1,000 outstanding balance 17.5% interest,  repaid at  $25 per  month, will take over five years to pay and cost over $500.00 in total interest charges more than half of the original principal balance.