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Released: February 17, 2012
Help Desk FAQ
Credit Cards
How can I figure out how long it will take me to pay off my credit card balance?
Your credit card statement includes a box that shows how long it will take you to pay off your balance if you make only the required minimum monthly payments, and also how much you would have to pay each month to pay your balance off in three years.
There are many online calculators that will allow you to enter your specific amounts (of debt and anticipated payments) and tell you exactly how long it will take for you to be debt-free. A couple of calculators to try are the ones offered by the Federal Reserve (once you fill in the first part of the calculation, it displays results and a new calculator that allows you to enter your own amounts) and Bankrate.com Credit Card Calculator.
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