It will take me 27 years and 8 months to pay off my credit cards if I only pay the minimum payments.
Oh my….
That means I would be 56 years old before my credit cards are paid off!!!
Going further with that scenario, I will pay $26,024.44 in interest if I only pay the minimum.
That’s not funny, it’s pretty darn serious. And it is adding more fuel to the fire to become debt-free!
Need some motivation? Get your credit card balances, interest rates and minimum payments ready and use the calculator at CNNMoney.com Debt Planner.
Tags: debt+reduction, debt, credit+card
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Credit Card Debt
- Starting = $37,614
- Paid Off = $28,882
- Current = $8,732
- $25 ING Savings Bonus
Savings Account
- Current = $4,000
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Posted: April 27th, 2006 at 5:09 pm
WOW!! That’s a long time. I’ve heard that before. I try to send $10 every week to the credit card company after I’ve made the monthly payment. I always send more then the monthly payment. I’m gonna get this darn thing paid off if it kills me.
Posted: April 28th, 2006 at 12:23 am
I think I will head over to Dinkytown and input the numbers tomorrow for my student loans. Then I am going to post the time it will take to pay those suckers off on my fridge. =)
Posted: April 30th, 2006 at 1:09 pm
Super attitudes! Let’s pick off these debts one by one
Posted: April 30th, 2006 at 1:09 pm
Super attitudes! Let’s pick off these debts one by one
Posted: December 31st, 2006 at 9:01 am
[...] 27 Years, 8 Months…Sounds Like a Prison Term - I ran a calculator and found out how long it would take me to pay off our debt by only paying the minimum payments. Eek! [...]