HOW TO PAY OFF YOUR CREDIT CARD + THE TRUE COST OF PAYING YOUR MININUM BALANCE ON YOUR CREDIT CARD!

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?

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