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