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Released: February 10, 2012
Help Desk FAQ
Credit Cards
How long will it take me to pay off my credit card balance if I only make the minimum monthly payment?
You can find that out quickly and easily just by looking at your monthly bill. Credit card statements are now required to include a box that discloses just how long (in months or years) it would take to pay off your card balance if you only made the minimum monthly payment as well as how much you would need to pay each month to pay off your balance in three years. The total dollar amount that you would pay (interest and principal) in both scenarios is also disclosed.
The Federal Reserve offers a Credit Card Repayment Calculator that enables you to do your own debt repayment calculations.
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