How long does it take to pay off a credit card?

Hello-

Way too damn long!

Just got an email from my Discover Card saying my new statement was available and the minimum payment due is only $37.  Cannot remember the last time I had a minimum payment due of only $37.

So I take a longer look at my statement and see that of that $37, about $21 would be going to interest each month.

Now that’s a great deal if you are the credit card company.  But it sucks if you are the consumer who is trying to pay off your credit card balance.

So I went over to one of the free credit card payment calculators to see just how long it would take me to pay that sucker off if I just made the minimum payment of $37.

And here’s what it gave me: “It will take you 146 months to be rid of your debt. In that time, you will pay $1,138.47 in interest.

If you devoted $36.53 to your debt every month, it would be paid off in 51 months, and would cost you $536.29 in interest.”

So it’ll take me 146 months to pay off my $1300 balance and I’ll pay $1100 in interest charges! FUCK!

Man that just makes me want to open a bank.  I should make an offer to buy Wells Fargo or WaMU!  How the heck are you ever supposed to get out of a mountain of credit card debt if you pay $37 as a minimum payment and $21 of that goes to interest charges each month?

The answer is that you are NOT!!!!

Don’t even think about a late fee or any other type of fee.

Those usually run $39 each time and that will each up about 4 months of principal payments.

So you know what to do: pay much more than the minimum if you ever want to lift the burdens of too much credit card debt off your shoulders.

On the bright side, you can see that I made over $600 worth of payments last month on my Discover Card balance so know I only owe $1314.  Hopefully I can have that sucker paid off by the end of the year.

That’s all for today.

Have a debt-free day!

-Adam

The Credit Blogger