If You only pay the minimum on a credit card will it get paid off?

Question

If You only pay the minimum on a credit card will it get paid off?

Answer 1

It will, but depending on the method used to calculate your minimum monthly payment, it could take almost 28 years to pay off a $5,000.00 credit card (assuming that the method of payment is finance charges + fees + $15.00).  Most companies now have to bill a minimum monthly payment as finance charges + fees (late/overlimit/cash advance) + xyz% of the overall balance.

Answer 2

The minimum payment typically covers the interest and maybe 1% of the balance.  It could take 10 years or more to pay off.

It is always better to pay as much as you can and not carrry balances on your credit cards.  Save all that interest, stay out of debt, and establish a good payment history -- only charge what you can afford to pay in full every month.

Answer 3

pay as much as you can but even if you pay as little as $10 over the minimum due, that should help.

Answer 4

Eventually it will, but it will take a lot longer than it should.