pay only the minimum??

**Russ** · 08-10-2008, 03:35 PM

NO!!

So you have a $15,000 credit card balance at 18% and you only want to make the minimum payment every month.

Not a problem..., for the CC company! If you only make the minimum payment on the above scenario and you minimum is based on 2.5% of the balance your first payment will be $375.00. WOW, right? Here is the real kick in the pants...

It will take you 423 months to pay it off. Thats 35.25 years!

To pour some salt in that wound... you will also pay $22,115.70 in interest.

You sure you want to use that credit card???

**annymoll** · 08-10-2008, 05:05 PM

Are there REALLY people that carry $15,000.00 CC debt on a card? Good heavens- for WHAT?Are there really people that use cards with 18% interest?Why so high, unless the credit wasn't that good to begin with. Some people need credit like they need a hole in their head.

**MomToTwoBoys** · 08-10-2008, 06:10 PM

There are people out there who have that much on their CC and some that have that high of an interest, but they still pay the minimum. At least they pay the minimum. I've known people who don't pay at all, rack up the cards and then toss them and use up other ones. Those people are the ones I'd like to strangle.

**PrairieRose** · 08-10-2008, 06:27 PM

Not like that I don't! Man.....if I had that balance on a card, I'd be selling cars, all kinds of toys to pay it off a.s.a.p. !

**IntlMom** · 08-10-2008, 06:29 PM

Those credit card companies are awfully-doggone generous now ain't they?
(your monitor should now be drippng with my sarcasm!)

**annymoll** · 08-10-2008, 09:28 PM

Originally Posted by IntlMom

Those credit card companies are awfully-doggone generous now ain't they?
(your monitor should now be drippng with my sarcasm!)

They are dolls.... imagine. Free money. Today.Thousands and thousands of dollars. The clothes, the jewelry.Cute little Jimmy Choos.When it's all spent maybe DH will believe it was not my fault. It was the silly banks. Oh, get thee back Satan.