If you make just the minimum payment on your credit card bills, it can cost you a lot of money.
This chart shows how much you'll pay and how long it will take to become debt-free if you pay a 2 percent monthly minimum payment on your credit card.
$1,000 Credit Card Balance
|
Interest Rate
|
12%
|
13%
|
14%
|
15%
|
16%
|
17%
|
18%
|
19%
|
20%
|
| Total if you pay monthly minimum (2%) |
$1,373
|
$1,425
|
$1,482
|
$1,546
|
$1,620
|
$1,704
|
$1,804
|
$1,924
|
$2,073
|
| Years to pay off the loan |
5.7
|
6
|
6.2
|
6.4
|
6.75
|
7
|
7.5
|
8
|
8.6
|
| Total if you pay monthly minimum plus $10 each month |
$1,208
|
$1,231
|
$1,255
|
$1,280
|
$1,308
|
$1,336
|
$1,367
|
$1,400
|
$1,435
|
| Years to pay off the loan |
3.3
|
3.42
|
3.5
|
3.57
|
3.63
|
3.7
|
3.8
|
3.9
|
4
|
| By paying $10 more each month, you save this amount |
$165
|
$194
|
$227
|
$266
|
$312
|
$368
|
$437
|
$524
|
$638
|