I was checking my Mastercard bill online today and noticed this new box below. My bill was ~$2500 this month. This box tells me if I make the minimum monthly payment of $25 it will take me 18 years and 5 months to pay off the entire balance, or for a monthly payment of $95.98 I can pay it off in 3 years. That is provided I don't put any more charges on this card.
Certainly put things into perspective. I vaguely remember hearing that it is now required for the credit card companies to add this information on. Makes sense. If you see that minimum payments will take 18 years and 5 months to pay off one month's worth of spending wouldn't you try your hardest to pay off more of that balance and stay out of credit card debt?
No comments:
Post a Comment