How long will it take to pay off this credit card?
Credit cards are trouble
Credit cards are a huge threat to our financial security. In the US it’s becoming common to find that overuse of credit cards is at the base of money problems. Credit cards are easy to use. All we have to do is pull out your wallet and slide one through a reader—that is until it’s rejected. Then what do? Well, that’s easy—pull out another one. If this is a habit, it doesn’t take long to become mired in debt.
Credit is pre-approved debt, and it can be dangerous if used indiscriminately. If you had to go to the bank and apply for a loan every time you wanted to use credit, it’s likely you’d receive only a small percentage of the amount your card allows you. Why? Because your financial state would be reviewed each time and mounting debt would be a deterrent to receiving more credit.
But most of us live with credit card debt, often with multiple cards maxed out.
So how long will it take to pay off this card? (Any one card.)
To a great extent that’s up to you. If you have significant debt and are in a cycle of paying your card down a bit and then charging it back up, you may never be able to pay it off. If you stop using the credit card and make the minimum payments, it will take 8 to 12 years depending on the interest rate.
The quickest way to pay off a credit card is to first stop using it altogether and then to make your monthly payments considerably larger than the required minimum. If you send in a fixed mount every month, you can figure out exactly how long it will take to make payoff