Like everyone, I have always wondered what how long it would take to pay off a credit card. I decided to find out from anÂ online calculator from bank rate.com.
Using a credit card balance of $4700, I included theÂ minimum payment requested.
The true cost of paying the minimum
|What is your credit card balance? (no commas)||$|
|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?