It will take me 27 years and 8 months to pay off my credit cards if I only pay the minimum payments.
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.