Credit Kit -- Improve credit rating and reduce monthly bills by $200+ Debt Kit -- Settle unsecured debts for less than half of amount owed |
Credit > Credit Cards > Paying off Credit Card Debt |
Paying off credit card debt can take a long time if you have a high interest rate. Basically, one should pay as much as he or she can each month and try to negotiate with the credit card issuer for a better rate. Below is a table that illustrates the monthly payment required to pay off a credit card balance in one or two years. |
Paying Off Credit Card Debt With a 9.9% APR Card |
Current Balance |
Monthly Payment* |
One Year Plan |
$5,000 |
$4,500 |
$4,250 |
Monthly Payment |
$441 |
$397 |
$375 |
$231 |
$208 |
$197 |
$353 |
$331 |
$309 |
$185 |
$173 |
$162 |
$4,000 |
$3,750 |
Two Year Plan |
$287 |
$265 |
$242 |
$150 |
$139 |
$127 |
$220 |
$198 |
$176 |
$116 |
$104 |
$ 93 |
$3,500 |
$3,250 |
$3,000 |
$2,750 |
$2,500 |
$2,250 |
$2,000 |
$154 |
$ 81 |
$132 |
$110 |
$ 88 |
$ 69 |
$ 58 |
$ 46 |
$1,750 |
$1,500 |
$1,250 |
$1,000 |
$4,750 |
$419 |
$220 |
*Other assumptions made: The card is no longer used to make purchases, etc., and there is no annual fee. |
Paying Off Credit Card Debt |
Credit > Credit Cards > Paying off Credit Card Debt |
Credit Kit -- Improve credit rating and reduce monthly bills by $200+ Debt Kit -- Settle unsecured debts for less than half of amount owed |
