Meeting the minimum monthly payments of your credit cards is like running on a financial treadmill. Sure — we’re all guilty of it; whipping out the ole’ credit card whenever cash is tight. In th...
e long run, however, all those card swipes do count: if a cardholder made a minimum payment of $200 each month for a $5,000 credit card balance with an 18.9% interest rate, it would take 11 years and 5 months to finally pay off! When factoring in interest, the total credit card results come with a $8,109 price tag.
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