Economic Snapshots

Division of Extension

Paying off Credit Cards

Published on October 21, 2010August 21, 2012 by nicola.wille

If you own a credit card that charges a 12 percent annual rate, how long will it take to pay off a $5,000 balance if you pay the minimum required payment each month? According to the Federal Reserve’s Credit Card Repayment Calculator, it will take 19 years.

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