Cambridge Life Solutions Canada | Truth About Credit Cards

The Truth About Credit Cards

Minimum Payments

The Current Path
Below is the number of years to pay off a credit card balance based on 19% interest and a minimum monthly of 2.1% of the outstanding balance. Usually credit cards require a minimum monthly payment between 2.0% and 2.5% of the outstanding balance.
Source: CNN Money

Debt Amount Pay Back

(Including Principal & Interest) How Long Will It Take

Debt Amount $20,000

Pay Back (Including Principal & Interest) $55,370.41 !!!!!!!!!!!!!!!!!!!!!

How Long Will It Take 53 YEARS 3 MONTHS !!!!!!!!!!!!!!


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