Minimum Repayment (June 2020) – 110 years and 2 months
The month of June 2020 was was a time to get out there and spend and blow out the debt, makes May look like a tame month on bashing the plastic.
Closed the period at $17,283.20.
Minimum repayment for the month was $346.00
If I make the minimum repayment of $346 per month it will take me:
- 110 years and 2 months to pay off the balance
- $98,565.91 in interest charges over the 110 years
Following the advice of my bank by paying $883.78 per month this reduced interest charges:
- Pay $883.78 per month and I will pay it off over 2 years and save $94,638.38 in interest charges
Why bother with all that? I will pay the full balance off before the due date.
