If you have experience with credit card debt, you may know that it can get frustrating quickly. That’s because in most cases, minimum payments are calculated as 1% of your balance plus interest. So, the vast majority of your minimum payment might be absorbed by interest with a very small percentage of your payment going toward paying your debt off.
This can make it feel like you may never get out of debt, especially considering that interest rates on credit cards are variable, so they can change over time. So, how can you determine the time it will take to pay off your debt? Well, it depends on a few factors, but …
Read the full article at: https://www.cbsnews.com/news/how-long-will-it-take-to-pay-off-your-debt/