Bankrate has a nifty credit card calculator. With all the news about the financial markets, I hope this is a nice break from all that.
This reinforces the idea that credit card debt should be either paid off in full each cycle (preferable since you'll never have to pay interest) or paid off in as little time as possible. Paying the minimums will take you virtually forever (since the balance declines a little each month, causing the minimum to decline just a touch each month, causing you to decelerate your principal pay down each month).
Bankrate.com credit card calculator -- How much will the minimum credit card payment cost me?
This reinforces the idea that credit card debt should be either paid off in full each cycle (preferable since you'll never have to pay interest) or paid off in as little time as possible. Paying the minimums will take you virtually forever (since the balance declines a little each month, causing the minimum to decline just a touch each month, causing you to decelerate your principal pay down each month).
Bankrate.com credit card calculator -- How much will the minimum credit card payment cost me?
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