Jul
20
In case you haven’t discovered this handy tool, CNN Money’s Debt Reduction Planner helps you calculate how long it’d take to pay off your credit card based on paying the monthly minimum balance or a monthly fixed sum and the amount you actually pay upon completion including interest.
Based on a balance of $9,500.50 at 18.5% APR and paying only the 2% minimum balance, this was how long it’d take us to pay it back…
…46 years and a month with interest amounting to three times that of the principle amount. Egads.
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