Skip to main content
No. of Recommendations: 10
.... $2000 to be exact.
I don't know what the interest is but I pay 15 dollars a month in interest.

If you are paying no principal, which a few cards allow, and assuming you are 40 years old, then you will pay $9000 in interest on this $2000 debt before you die.

If you are paying $15 a month principal along with the $15 interest, you will have paid over $3000 for the privilege of owing $2000 before you have paid it off.

Personally I'd rather have a bigger TV, a motorscooter, or a vacation to Prince Edward Island rather than monthly reminders from the credit card company that they want more money, but maybe that's just me.
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.