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Credit Card Minimum Payments

posted May 21, 2017, 6:52 PM by Tim Isbell

Assume your credit card balance is $5,000 at an 18% annual rate. Every month the credit card company requires a minimum payment of 4% of the current balance, or $20, whichever is greater. At this rate, how long do you think it takes to erase the debt? 

Click the link to find out, and to access a free calculator that you can use to analyze your own credit card debt.

Tim Isbell

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