Making only minimum payments on your credit card could cost thousands and take over a decade to repay.
Before we dive into an example on how much it could cost the average American if they only make minimum payments, we'll first review how a minimum payment is calculated.A set dollar amount, typically $35state:We will calculate the minimum payment as the larger of: 1) $35 ; or 2) the sum of 1% of the new balance, the periodic interest charges, and late fees we have billed you on the statement for which your minimum payment is calculated.
In order to calculate the true cost of only making minimum payments on a credit card, we used a balance of $6,194 and an interest rate of roughly 16.61%, which is the average credit card
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