Like everyone, I have always wondered what how long it would take to pay off a credit card. I decided to find out from an online calculator from bank rate.com.
Using a credit card balance of $4700, I included the minimum payment requested.
|
|
The true cost of paying the minimum |
| What is your credit card balance? (no commas) | $ | ||||
| What is the interest rate on your credit card? | |||||
| How is your minimum payment calculated? | |||||
| Your minimum payment: | $ | ||||
| What fixed payment could you make each month? | $ | ||||
| Select a payment schedule based on: |
|
||||
|
It will take you 252 months to be rid of your debt. In that time, you will pay
$5,247.54 in interest. |
|||||
It would take a total of 21 years to payoff the card at mininum payment but by simply adding an extra 55 dollars a month, It will take you 33 months to be rid of your debt. In that time, you will pay $1,261.81 in interest. Not bad I will say. This what I decided to do and so far I am down to $1700.
How about you, what was your success story?
{ 3 comments… read them below or add one }
Hi!
I came across your blog (http://thedigeratimind.com/) while I was going through some finance blogs. You have shared with us very valuable information, I must say..
Being impressed with your blog content, I would like to place your blog link in my finance related website/blog. If you allow me to do so and give me an opportunity to show my blog/website to you for link exchange purpose, then kindly contact me at: dorcia.wellington[at]gmail.com.
Regards,
Dorcia Wellington
I really like your post. Does it copyright protected?
ehh.. funny..