The Minimum Payments Strategy is the most costly of all debt relief strategies available to consumers and should only be used as a short term strategy to maintain a current payment status and prevent damage to your credit score that may be caused by late payments. This strategy only makes sense when there has been a short term reduction of income and there is an expectation of increased income in the near future. Because only a small percentage of the principal debt balance is being reduced using this strategy, it can take years or decades to fully pay off your high interest credit card debts using this technique.
To see how long it will take to pay off your credit card debt using this strategy and how much interest you will pay during this time, input your credit card account details below and the Minimum Payment Calculator will illustrate how long it will take to pay off your debt.
Step 1: In the Credit Card Info field, input your current balance and current interest rate along with the minimum payment percentage and minimum payment amount. If you don’t know these last two numbers, just leave the default values of 4% for Minimum Payment Percentage and $50 for Minimum Payment Amount.
Step2: Click the submit button and view the results in the window to the right.