The Dangers of Making Minimum Payments
Minimum Payment Warning! 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 29 years to pay it off and over $24,000 in interest!
You don’t have to rely on this chart, check your monthly statements for the Minimum
Payment Warning. These warnings are mandated by law, Credit Card Reform Act of 2009. Take a look, the numbers on your statements don’t lie. Avoid
paying the high rates and give us a call at (877) 543-7770 now.
Credit Card Debt |
Money Paid Back
(Includes Principal and Interest) |
How Long Will it Take? |
| $10,000 |
$26,142.13 |
26 yrs. 2 months |
| $15,000 |
$39,778.49 |
29 yrs. 10 months |
| $20,000 |
|
|
| $25,000 |
$67,051.21 |
34 yrs. 6 months |
| $30,000 |
$80,687.57 |
36 yrs. 2 months |
| $35,000 |
|
37 yrs. 6 months |
| $40,000 |
|
38 yrs. 9 months |
| $45,000 |
$121,596.66 |
39 yrs. 10 months |
| $50,000 |
$135,233.05 |
40 yrs. 9 months |
| $60,000 |
$162,505.76 |
|
| $70,000 |
|
43 yrs. 10 months |
| $80,000 |
|
45 yrs. |
| $90,000 |
|
46 yrs. 1 month |
| $100,000 |
$271,596.67 |
47 yrs. |
| $110,000 |
$298,869.39 |
|
| $120,000 |
$326,142.14 |
48 yrs. 8 months |
| $130,000 |
$353,414.85 |
49 yrs. 5 months |
| $140,000 |
$380,687.58 |
50 yrs. 1 month |
| $150,000 |
$407,960.29 |
50 yrs. 8 months |
Number of years to pay off a credit card balance based on 19% interest and a minimum monthly payment of 2.5% of the outstanding balance with $25 minimum. Most cards require a minimum monthly payment between 2.0% and 2.5% of the outstanding balance. This calculator does not take into account future charges to your account, late fees, or changes in the interest rate. The monthly interest due is only an estimate. The actual interest due is often based on the average daily balance and is accrued daily rather than monthly. Check your statements for the Minimum Payment Warnings.
