Minimum Repayment (December 2019) – 116 years and 9 months

The month of December 2019 saw the credit card debt get even higher.

Closed the period at $21,788.62.

Minimum repayment for the month was $435.00

If I make the minimum repayment of $435 per month it will take me:

  • 116 years and 9 months to pay off the balance
  • $124,862.99 in interest charges over the 116 years

Hey but my bank has a cool way for me to reduce interest charges:

  • Pay $1,114.17 per month and I will pay it off over 2 years and save $119,911.61 in interest charges

I think I will go with the full repayment this month … and enjoy the interest savings.

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