Do Nothing - Pay minimum payments
When you decide to continue to pay minimum payments on credit card debt, you are making the choice to pay more money in interest over a significantly longer amount of time.
| $10,000 |
$26,276.59 |
42 yrs 9 mos |
|
| $15,000 |
$55,370.41 |
48 yrs 11 mos |
|
| $20,000 |
$74,464.22 |
53 yrs 3 mos |
|
| $25,000 |
$93,557.98 |
56 yrs 7 mos |
|
| $30,000 |
$112,651.77 |
59 yrs 4 mos |
|
| $35,000 |
$131,745.58 |
61 yrs 8 mos |
|
| $40,000 |
$150,839.39 |
63 yrs 9 mos |
|
| $45,000 |
$169,933.22 |
65 yrs 6 mos |
|
| $50,000 |
$189,027.02 |
67 yrs 1 mos |
|
| $60,000 |
$227,214.61 |
69 yrs 10 mos |
|
| $70,000 |
$265,402.22 |
72 yrs 2 mos |
|
| $80,000 |
$303,589.81 |
74 yrs 2 mos |
|
| $90,000 |
$341,777.43 |
76 yrs |
|
| $100,000 |
$379,965.06 |
77 yrs 7 mos |
|
| $110,000 |
$418,152.62 |
79 yrs |
|
| $120,000 |
$456,340.27 |
80 yrs 4 mos |
|
| $130,000 |
$494,527.82 |
81 yrs 6 mos |
|
| $140,000 |
$532,712.48 |
82 yrs 8 mos |
|
| $150,000 |
$570,903.04 |
83 yrs 8 mos |
Number of years to pay off a credit card balance based on 19% interest and a
minimum monthly of 2.1% of the outstanding balance. Most cards require a minimum
monthly payment between 2.0% and 2.4% of the outstanding balance.
Source: CNN Money |
