Credit Card Minimum Monthly Payments
Creditors Benefit, Not You
If you continue on your current path of making your minimum monthly credit card payments, it could easily take you decades to pay the debt off and cost you an alarming amount of money. A downward financial spiral can occur if one credit card is used to make payments on another.
The national average of debt is currently approximately $22,000 per household. If you fall into this category and you continue making your minimum payments at a 19% interest rate and at a 2.1% minimum payment, it would take you approximately 54 years to pay off your debt. Your total payoff would be substantial - $82,101.91 for which $60,101.71 would be in interest alone.This scenario is in the creditor's best interest, not yours.