I had some spare time at work today and did some calculations on how long it would take to pay off my credit cards.
Based on a $20,000 debt (and I owe a bit more than that) then in 53 years time I would still owe around $1000 if I never made more than the minimum payments.
If I can find $1000 a month then I can say goodbye to the bills in a little under two years.
I’ve got a whole rant I can do on the “minimum payment” system set up by the credit card companies but I’m going to save that for another time, as I want to go into it in detail. There is just one culprit and I’m going to name him (well PBS actually named him in a special investigationa few months back) and tell the world what I think about him.
Hopefully I can educate a few people about the tactics of the credit card companies and stop people from getting into as much debt as I am.