How long will it take to pay off my credit card debt if I’m only making minimum payments?

Being in debt is a difficult reality that many of us face in our lifetimes.  Being in debt does not make you a bad person; people of all professions and backgrounds accumulate debt and struggle to find solutions.  Many people are fooled into thinking that they can get away with making the minimum monthly payment as a reasonable solutions to escaping their debt spiral.  Unfortunately, this a poor strategy that will often cost the consumer much more than they originally owed.

We are using the calculator found here.

Let’s assume you have accumulated $30,000 of credit card debt, that your credit card interest rate is 19% APR, and that your credit card company only requires you to make a minimum payment of 2%.

If you make the 2% minimum monthly payments, it will take you 910 months (75 Years, 10 Months, 2 Weeks, 6 Days) to pay off your existing balance of $30,000.  You will pay a total of $88,931.10 in interest charges during this time.

If you live in Canada and need a trustworthy debt relief company, please contact us at 1-855-873-6222 or support@debthelpers.ca