Keep the Information Flowing
Small contributions go a long way. Your donation to Consumer Action, a 501 (c)(3) nonprofit, nonpartisan organization, can help us cover the cost of research, writing, and translation of our materials. To keep our services free for those who need them. Select an amount to give.
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.
Quick Menu
Support Consumer Action
Join Our Email List
Consumer Help Desk
- Help Desk
- Submit Your Complaints
- Frequently Asked Questions
- Links to Consumer Resources
- Consumer Service Guide (CSG)
- Alerts
- Consumer Booknotes