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Happened to get my Capital One statement online today and it opened my eyes. My wife ran up this balance years ago even though I was against it and boy are we paying. I've been only doing minimum payments because its all we could afford but I'm going to try my hardest to pay more now. The statement says
MINIMUM PAYMENT WARNING: If you make only the minimum payment each period, you
will pay more in interest and it will take you longer to pay off your balance.
If I make minimum payments it will take me 20 years to pay off the $4491.88 balance. Minimum payment is $72 (which is almost double what it was last month)
If I make $139 payments it says I can have it paid off in 3 years.
Your estimated savings if you pay off this balance in 3 years: $1,842.50
Even 3 years is a lot to pay off what I consider a small credit card balance of only $4400. I cant imagine being in way more than that like a lot of people are.
MINIMUM PAYMENT WARNING: If you make only the minimum payment each period, you
will pay more in interest and it will take you longer to pay off your balance.
If I make minimum payments it will take me 20 years to pay off the $4491.88 balance. Minimum payment is $72 (which is almost double what it was last month)
If I make $139 payments it says I can have it paid off in 3 years.
Your estimated savings if you pay off this balance in 3 years: $1,842.50
Even 3 years is a lot to pay off what I consider a small credit card balance of only $4400. I cant imagine being in way more than that like a lot of people are.
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