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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