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Minimum Payments
Paying Minimums Forever
Credit card companies make the most money when you stay in debt and continue to only pay the minimum amount that you owe month after month. By only paying your minimums, you are falling into the credit card company’s traps, and you may end up paying interest for the rest of your life.
Below is the number of years it takes to pay off a credit card balance based on 19% interest and a minimum monthly payment of 2.1% of your outstanding balance. Credit card companies usually require that you only make a minimum monthly payment between 2.0% and 2.5% of your outstanding balance. Source: CNN Money
| Debt Amount | Pay Back (Including Principle & Interest) | How Long It Will Take |
|---|---|---|
| $10,000 | $26,276.59 | 42 yrs 9 mos |
| $15,000 | $55,370.41 | 48 yrs 11 mos |
| $20,000 | $74,464.22 | 53 yrs 3 mos |
| $25,000 | $93,557.98 | 56 yrs 7 mos |
| $30,000 | $112,651.77 | 59 yrs 4 mos |
| $35,000 | $131,745.58 | 61 yrs 8 mos |
| $40,000 | $150,839.39 | 63 yrs 9 mos |
| $45,000 | $169,933.22 | 65 yrs 6 mos |
| $50,000 | $189,027.02 | 67 yrs 1 mos |
| $60,000 | $227,214.61 | 69 yrs 10 mos |
| $70,000 | $265,402.22 | 72 yrs 2 mos |
| $80,000 | $303,589.81 | 74 yrs 2 mos |
| $90,000 | $341,777.43 | 76 yrs |
| $100,000 | $379,965.06 | 77 yrs 7 mos |
| $110,000 | $418,152.62 | 79 yrs |
| $120,000 | $456,340.27 | 80 yrs 4 mos |
| $130,000 | $494,527.82 | 81 yrs 6 mos |
| $140,000 | $532,712.48 | 82 yrs 8 mos |
| $150,000 | $570,903.04 | 83 yrs 8 mos |
If you continue to only make minimum payments like the example in the chart above, you can see that you will be in debt to the credit companies potentially for the rest of your life. We are here to help you create a strategy to break free from lifetime of indebtedness.
At S.J. Packman & Associates, before we make any recommendations, our attorneys, certified debt specialists, and paralegals, are trained to ask the right questions to find out about your specific situation. Based on your current income and your financial hardship, we will determine which course of action will work best for you. We do not only offer one path, as there is no one process that can solve everyone’s needs. We will take our time with you and help evaluate what your best course of action should be. Call now and one of our advisors will be there to get you started on your path to financial freedom. There is no obligation to enroll, so don’t delay.
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