Key to paying off your credit card

Average credit card debt in Australia is currently more than $4680. If you owe $4680 on your card and you paid the minimum monthly repayment, at a rate of 17 per cent, it would take you 28 years to pay it off.

Over this time you would repay a total of more than $14,000 – nearly an extra $10,000 in interest! However if you paid $250 per month, you would pay it off in two years and save $9000 in interest.

Source: Brisbane Times

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