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The true cost of paying the minimum

By www.bankrate.com • Bankrate.com


    The true cost of paying the minimum
What is your credit card balance? (no commas)$
What is the interest rate on your credit card? *
How is your minimum payment calculated?
Your minimum payment:$
What fixed payment could you make each month?$
Select a payment schedule based on:Minimum payment
Fixed payment

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The minimum payment on credit card debt is calculated as a percentage of your current balance. The minimum payment drops as your balance is paid, but thanks to the magic of compounding, you'll end up paying for a long, long time.

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Posted: Jan. 1, 1986