Here is a video showing how long it takes and how much interest you pay when only paying the minimum payments on your credit card debt.

In the example in the video, by only paying the minimum payments it will take 36 years and $60,000 of interest payments to pay off a $10,000 credit card balance. That is without charging anything else and not taking into consideration any late fees or other fees you may incur.

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Nancy Kvamme

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