Problem with credit card calculator CNN?
| Author | Message |
|---|---|
|
Written on: 03.11.2009 [09:50]
|
|
|
Wrangler
Wrangler
Topic creator
Posts: 4
|
Is there a problem with the CNNMoney credit card calculator? CNN is telling me it will take me years to pay off my credit cards, but the balance isn't that high! Has anyone else found this? |
|
Written on: 10.11.2009 [10:14]
|
|
|
Button
Button
Posts: 3
|
The calculator seems to be working ok... Unfortunately you may have just realised what a scam credit cards really are! If you plan on making minimum repayments for any amount of time you'll end up keeping your debt for years and years. For example, if you have only $2000 on the card and make the minimum repayment of $20 each month it will take you almost eleven years to clear the debt! The problem may not be CNNMoney... it may be the truth of the situation! Make sure you're always repaying as much as you can as soon as you can; paying $100 a month, the debt will be cleared in less than two years. |
| Also very interesting: | |
