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27 Years, 8 Months – Sounds Like a Prison Term

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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


5 Comments

  • Reply Ashley |

    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.

  • Reply Chitown |

    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. =)

So, what do you think ?