Using a dataset covering one quarter of the U.S. general-purpose credit card market, we document that 29% of accounts regularly make payments at or near the minimum payment. We exploit changes in issuers' minimum payment formulas to distinguish between liquidity constraints and anchoring as explanations for the prevalence of near-minimum payments. At least 10% of all accounts respond more to the formula changes than expected based on liquidity constraints alone, representing a lower bound on the role of anchoring. Using a back-of-envelope calculation, we estimate that anchoring consumers would save at least $570 million per year in interest charges if all issuers adopted the highest observed minimum payment formula in our sample. Disclosures implemented by the CARD Act, an example of one potential policy solution to anchoring, resulted in fewer than 1% of accounts adopting an alternative suggested payment. Our results show that the design and salience of contract terms in credit products have significant impacts on household balance sheets.