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This calculator will show how much interest you will end up paying by making only the minimum required payments on your credit cards...that is, assuming you stop charging any more to it.
As you can see from the results, it's not only the interest charges you are losing, you are also saying goodbye to the interest you could be earning on those charges if you were investing them, rather than paying them to the credit card company. This calculator will also indicate how many minimum payments you will make before your balance is paid off (with a maximum of 600 payments).
Please Note: Within your credit card disclosure statement, you will see words to the effect "your minimum payment will be 2% of the balance or $10, whichever is higher." These are the figures you should enter into row #3 and row #4, respectively.
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