DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Why You Will Never Pay Off Your Credit Card

**Patamuta** · 04-30-2012, 03:59 PM

You could only owe $3k and only have a 10% interest rate and STILL never pay it off.....

Lets look at the Federal reserves site:

http://www.federalreserve.gov/creditcardcalculator/

Amount owed: $3000
Interest: 10%

Min Payment: $60
Time to pay off: 13 years
Additional Interest: $1728

Im n ot sure the average person even understands what they have gotten themselves into. Usury is a CRIMINAL act. But voluntary servitude isnt.

And if you double your monthly payment to say $120 (in this example) you would then pay off that same $3000 in 2 years, and only pay $379 in interest.

04-30-2012, 03:59 PM	#8
Patamuta Join Date Oct 2005 Posts 396 Senior Member	You could only owe $3k and only have a 10% interest rate and STILL never pay it off..... Lets look at the Federal reserves site: http://www.federalreserve.gov/creditcardcalculator/ Amount owed: $3000 Interest: 10% Min Payment: $60 Time to pay off: 13 years Additional Interest: $1728 Im n ot sure the average person even understands what they have gotten themselves into. Usury is a CRIMINAL act. But voluntary servitude isnt. And if you double your monthly payment to say $120 (in this example) you would then pay off that same $3000 in 2 years, and only pay $379 in interest.
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