How long to pay off your credit card.

The Reality of Minimum Credit Card Payments

If you owe $20,000 on your credit card and only make the minimum payment each month, it will take a very long time to pay off your debt, and you will end up paying a lot of interest charges. The exact time it takes to pay off your credit card debt depends on the interest rate and the minimum payment amount, but it can take several years or even decades to pay off the balance. For example, if you owe $10,000 on your credit card with a 15% interest rate and only make the minimum payment each month, it would take more than 26 years to pay off the balance, and you would end up paying more than $28,000 in interest charges.
(This post created with the assistance of artificial intelligence.)

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