27 Years, 8 Months – Sounds Like a Prison Term

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.

Posted by Tricia on April 27, 2006 at 3:00 PM in Keeping Motivated | 5 Comments »
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Ashley responded:
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.
Chitown responded:
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. =)
Tricia responded:
Posted: April 30th, 2006 at 1:09 pm
Super attitudes! Let’s pick off these debts one by one
Tricia responded:
Posted: April 30th, 2006 at 1:09 pm
Super attitudes! Let’s pick off these debts one by one
Blogging Away Debt » Blog Archive » A Reflective Look Back at 2006 - Goodbye to $13,000 of our Debt responded:
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! [...]