Do Nothing

It’s inevitable, there are just some people out there that don’t get it and unfortunately they never will. Certain individuals just can’t recognize when they are being taken advantage of or have become a victim of a legal scheme that is designed to drain their bank account and keep them in debt forever. It’s a fact, for the past 20 years, banks have been issuing credit cards to consumers for one reason: they make billions of dollars on it!

Below is a table that shows the number of years it takes to pay off a credit card balance based on 19% interest and the cardholder making only the minimum monthly payment of 3% of the outstanding balance. Most national cards require a minimum monthly payment between 2% and 3% of the outstanding balance.
(Source: CNN Money)

 

Number of Years to Pay-Off Credit Card Debt at 19%

Debt:	Pay Off (Principal & Interest)	Number of Years at 19%
$10,000	$26,276.59	42 years, 9 month
$20,000	$74,464.22	53 years, 3 months
$30,000	$112,651.77	59 years, 4 months
$40,000	$150,839.39	63 years, 6 months
$50,000	$189,027.02	67 years, 1 month
$60,000	$227,214.61	69 years, 10 months
$70,000	$265,402.22	72 years, 2 months
$80,000	$303,589.81	74 years, 2 months
$150,000	$570,903.04	83 years, 8 months