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.