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 the 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.
National Debt Relief explores this further in the following infographic.
[Click here for full size version]
David Wallace is a search & social media marketer who lives in Ahwatukee Arizona with his lovely wife. Interests & hobbies include all things Disney, roller coasters, musicianship and Christianity.
