Minimum Repayment (March 2020) – 112 years and 5 months

The month of March 2020 saw another lift in credit card debt over the prior month.

Closed the period at $18,692.49.

Minimum repayment for the month was $374.00

If I make the minimum repayment of $374 per month it will take me:

  • 112 years and 5 months to pay off the balance
  • $106,790.43 in interest charges over the 112 years

Hey but my bank has a smart suggestion for me to reduce interest charges:

  • Pay $955.84 per month and I will pay it off over 2 years and save $102,542.63 in interest charges

Again pay the full balance off before the due date.

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