Women’s Finance Blog

I received an email from someone who was shocked she was paying so much interest on her credit cards and asked if our credit card payment calculator is right, which of course it was. Do you know how much interest you are paying on your credit card debt? Here are her rough numbers.

Credit card balance: $10000
Interest Rate: 10%
Monthly payment: $200

If she just paid the minimum balance each month and never charged an extra dime, she would take 65 months to pay it off (yes, nearly 5-1/2 years!) and she would have paid $2989.78 in interest… yes, just shy of $3000.00 just in interest.

Try yours out now.

Filed under: Debt