Date:   8/29/2006 2:06:24 PM ( 19 y ago)
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URL:   https://www.curezone.org/forums/fm.asp?i=725659

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If the path you have been taking has not successfully led you to the goals you wish to achieve, then it’s time to choose a different path.
If continuing to make the minimum monthly payments over and over has failed to get you any closer to getting out of debt, then it’s time for a change! Simply put, continuing to make minimum monthly payments can take years to pay back, and cost thousands of dollars in interest alone. If you are only making minimum payments on $20,000 in credit card debt, at a 19.0% interest rate, it will take you over 50 years to paid it off and you will pay over $50,000 in interest? ~CNN Money

Debt Amount Pay Back
(Including Principle & Interest) How Long Will It Take

$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


 

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