Wednesday, March 7, 2007

When will you be debt free?

Found a nifty little debt payoff calculator over at, and by nifty I mean scary.
By no means do I plan to pay only the minimum on my credit cards, but I put in my credit card debt and asked it to show me the info on if I only paid the minimum and here's what it told me:

Your plan summary
• By making minimum payments only, it will take you 68 years and 7 months to pay off your credit cards.
• Based on your current combined balance of $27,578.52, you will pay a total of $56,597.06 in interest.

Yikes. Next I asked it to tell me how much I'd have to pay a month to pay the credit cards off in 2.5 years. The answer - $1077. Currently I pay out about $630 in minimum payments. Ah, lots of work to be done.

No comments: