Credit Cards

Finance Rates, Interest Rates, Introductory Rates

If I have a balance of only $1,000 on my credit card, with a 15% interest rate, and I only made the minimum payment of $15 each month, how long would it take for me to pay off the balance and how much will it really cost me in the end?

It would take about 12 years, and end up costing you more than $2,000.



Close

This is a web preview of the "The Handy Personal Finance Answer Book" app. Many features only work on your mobile device. If you like what you see, we hope you will consider buying. Get the App