The question is, when will you be debt free?
Find out how long it will take to become debt free and how much you'll pay in interest by making the minimum monthly payments. You can also crunch the numbers using any fixed payment of your choice. And...if you tell us when you'd like to pay off the plastic, we'll tell you what payments you'll have to make to achieve that goal. You might be surprised.

I tried my luck with a balance of $20,000. If I pay $230 a month. It will take me 86 years and 11 months to pay off my credit cards. During that time I will pay a total of $220,393 in interest.

Luckily, at the bottom of the page, Google Adsense provides some help:

Now seriously, America is running a huge budget deficit, private and state wise. The risk of losing the dollars valuable position as the worlds currency is imminent. But losing to who? Europe? We just gave up the stability and growth pact and with an aging society there is even more political pressure on government spending. All this borrowing will push up interest rates.

Now, I guess, I will have to recalculate those interests.

Labels: Economics

posted on Tuesday, April 12, 2005 link to this post