How long will it take you to pay off your credit c

If you have a $10,000 credit card debt with a 15 per cent interest rate you need to think about paying off more than the minimum repayment rate or moving to a new card.

If the minimum repayment is monthly interest plus 1 per cent of the balance the monthly bill will be about $225.

Making only the monthly minimum repayment means the debt will take 335 months (more than 27 years ) to repay. Your card will charge you $11,979.29 in interest.

Source: Bankheadlines.com.au

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