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The Numbers Don't Lie

If you have noticed by paying the minimum payments or slightly over that you have still failed to get any closer to becoming debt free, here is your wake up call! It can take you years to pay back and cost you thousands of dollars in interest alone to pay off your credit cards. If you only make minimum payments on $15,000 in credit card debt, at a 19.0% interest rate, it will take you over 48 years to pay it off and over $40,000 in interest!

Credit Card Debt Money Paid Back
(includes principal & interest)
How Long It Will Take?
$10,000$26,276.5942 Years 9 Months
$15,000$55,370.4148 Years 11 Months
$20,000$74,464.2253 Years 3 Months
$25,000$93,557.9856 Years 7 Months
$30,000$112,651.7759 Years 4 Months
$35,000$131,745.5861 Years 8 Months
$40,000$150,839.3963 Years 9 Months
$45,000$169,933.2265 Years 6 Months
$50,000$189,027.0267 Years 1 Month
$60,000$227,214.6169 Years 10 Months
$70,000$265,402.2272 Years 2 Months
$80,000$303,589.8174 Years 2 Months
$90,000$341,777.4376 Years
$100,000$379,965.0677 Years 7 Months
$110,000$418,152.6279 Years
$120,000$456,340.2780 Years 4 Months
$130,000$494,527.8281 Years 6 Months
$140,000$532,712.4882 Years 8 Months
$150,000$570,903.0483 Years 8 Months

 

Number of years to pay off a credit card balance based on 19% interest and a minimum monthly payment of 2.1% of the outstanding balance. Most cards require a minimum monthly payment between 2.0% and 2.4% of the outstanding balance. Source: CNN Money.com