[Rebelbase]

Someone I know recently confided to me that that they are $65K in credit card debt. Can someone here calculate a ballpark minimum payment for that amount?

[Movemout]

It should be close to $2,000/month. Ballpark.

[Brian Allen]

$1,950 per month?

[SamAdams76]

Someone I know recently confided to me that that they are $65K in credit card debt. Can someone here calculate a ballpark minimum payment for that amount?

Depends on the interest rate. Assuming the commonly used 18% rate, that person would need to come up with $1,625 for a minimum payment with a balance of $65,000. And if that person insisted on making only the minimum payment, it would take 48 years to pay it off, and he would end up paying about $100,000 in interest (in addition to the $65,000 principal). That's assuming, of course, that he never used a credit card again!

There is a calculator here that will figure out all the gory details for you!

[L`enn]

The sad thing is at that sum they will pay it forever. An affordable minimum monthly payment probably only pays the interest and the principal never goes down.