How long will it take to pay off a credit card with a $1,700 balance and 18% interest if you made min. payment
551580
6 years is about right, IF AND ONLY IF you make all your payments on time and never charge another dime on the card for the next six years. Tough to do if you have an annual fee on the card. So, probably closer to seven years.
653128
If they dont report the information to the credit bureaus it does not affect your credit.  Going 7 dollars over does not effect your credit if paid within the 30 day period
891042
The minimum payment on a credit card is calculated typically based on some percent of the balance or some minimum set, like $20, or $50.  \nSo, let's say the company sets $15 as the minimum payment or 5% of the existing balance (The credit card terms spell this out exactly and varies by company).  Let's also say the credit card has a 30 day "grace period" (which means you can pay off the current balance and pay no interest).  Let's also say the interest rate on the card is 20% (for simplicity):\n\nYou have a credit card with a $1,000 limit.\nYou charge $400 on it.  Your next statement would have the following:\nOutstanding Balance:  $400.00\nMinimium payment:  (5% = $20), so you payment would be $20 versus the $15; which is the company's minimum payment.\n\nIf you paid the $20, your outstanding balance would be reduced to $380.  If you charged nothing on it the next month, your next month statement would be:\n\nPrevious Balance:  $380\nInterest Charge:  ($380*20%) - $75\nNew Balance:  $455\nMinimum Payment ($455*.05) = $23.\nSo, if you pay the minimum payment each pay period, you may NEVER pay off the balance because the interest charged could be greater each month than the previous payment.  UGH! \nHOWEVER, provided you keep paying the minimum charges, you will be given a positive report on your credit rating.\n\nNow, let's talk about what you do.  \n\nMonth 1\nOutstanding Balance:  $400\nMinimum Payment:  $20\nYour Payment:  $200\nNew Balance:  $200.\n\nMonth 2 - no new charges\nPrevious Balance:  $200.00\nNew Charges:              0.00\nInterest Charged:    $ 40.00\n\nNew Balance:         $240.00\nMinimum Pay:         $  15.00 (5% is 12.00 so it's the higher of the two)\n\nAt that rate, you will pay the full balance in less than 3 months at $200 per month and would accrue a total of $48.00 over the 3 months.   \n\nNow, from a credit rating perspective:\n.  In the first scenario you would certainly get lots and lots of "good marks" for consistently paying your bill.  Over 12 - 15 months, this would look very "good" and you would have a much bigger balance that might be approaching your total limit.  Depending on your income, though, it wouldn't matter\n\n.  In the second scenario, you get "good marks" for paying on time for the 3 months you have an outstanding balance.  In 12 - 15 months, you would have that record but if you had not added other balances, etc, you would have no other credit 'history'.  \n\nA paradox?  You bet!  In the first scenario, you will actualy be much worse off in terms of your credit balance and the amount of interest you have paid on the $400.  In fact, it will be horrible.\nIn the second scenario, you will have minimized the interest, be in good financial shape, but you will not have the same "successful history".\n\nWhy is this?  Because credit is a number game (no pun intended).  Banks, Credit Card companies, etc. do not want everybody paying on time with high payments.  If people did that, they'd make less money.  Remember, a Bank sees a "deposit" as a liability and a Loan as an Asset (it's how they make money).   So, they often create weird incentives for people to screw up.  See, if you pay the minimum, they charge more interest.  If you go over your limit, they charge a big fee for doing it.  If you call, them, they may very well increase your credit limit or even be willing to issue you another card and give you a check so you can balance the payment (which they will then charge you a cash advance fee for and higher interest rate).  It's how they make money and how they get you sucked in to the point where you probably can't get out.  They have little risk because very often the actual charge against the cards were not that high, it's all the interest and fees you pay that kill you.\n\nSo, what do you do to build a good credit rating without ending up bankrupt and killing it?
397553
Assuming your balance was $1000, and your credit card rate was 21.9% (Fairly Standard over here), your balance after 5 years would look something like this:\n\n\nEnd of---Balance---Int charged\nMonth 1---1018.25---18.25\nMonth 2---1036.83---18.58\nMonth 3---1055.76---18.92\nMonth 4---1075.02---19.27\nMonth 5---1094.64---19.62\nMonth 6---1114.62---19.98\nMonth 7---1134.96---20.34\nMonth 8---1155.67---20.71\nMonth 9---1176.77---21.09\nMonth 10---1198.24---21.48\nMonth 11---1220.11---21.87\nMonth 12---1242.38---22.27\nMonth 13---1265.05---22.67\nMonth 14---1288.14---23.09\nMonth 15---1311.64---23.51\nMonth 16---1335.58---23.94\nMonth 17---1359.96---24.37\nMonth 18---1384.78---24.82\nMonth 19---1410.05---25.27\nMonth 20---1435.78---25.73\nMonth 21---1461.98---26.20\nMonth 22---1488.67---26.68\nMonth 23---1515.83---27.17\nMonth 24---1543.50---27.66\nMonth 25---1571.67---28.17\nMonth 26---1600.35---28.68\nMonth 27---1629.56---29.21\nMonth 28---1659.30---29.74\nMonth 29---1689.58---30.28\nMonth 30---1720.41---30.83\nMonth 31---1751.81---31.40\nMonth 32---1783.78---31.97\nMonth 33---1816.33---32.55\nMonth 34---1849.48---33.15\nMonth 35---1883.24---33.75\nMonth 36---1917.60---34.37\nMonth 37---1952.60---35.00\nMonth 38---1988.24---35.63\nMonth 39---2024.52---36.29\nMonth 40---2061.47---36.95\nMonth 41---2099.09---37.62\nMonth 42---2137.40---38.31\nMonth 43---2176.41---39.01\nMonth 44---2216.13---39.72\nMonth 45---2256.57---40.44\nMonth 46---2297.75---41.18\nMonth 47---2339.69---41.93\nMonth 48---2382.39---42.70\nMonth 49---2425.86---43.48\nMonth 50---2470.14---44.27\nMonth 51---2515.22---45.08\nMonth 52---2561.12---45.90\nMonth 53---2607.86---46.74\nMonth 54---2655.45---47.59\nMonth 55---2703.91---48.46\nMonth 56---2753.26---49.35\nMonth 57---2803.51---50.25\nMonth 58---2854.67---51.16\nMonth 59---2906.77---52.10\nMonth 60---2959.82---53.05\n\nOn top of that, depending on your bank, you would also incur late payment fees, default fees, and a bad credit rating!\n\nMoral of the story - pay it back as soon as you can   - the banks are filthy rich as it is, they don't need any more of your money!
771730
You will have to read the information that the credit card company sends you. The way it is applied can vary by company and depends on if you pay the bill in full or not. They may divide the rate by 365 and apply it daily or divide it by 12 and apply it monthly.
225100
7 years. If you paid it in full. Just dispute it with all 3 credit companys and the reason for dispute is " paid in full ". You can do this online or over the phone.
155047
Most consumers do not know that if they only pay the old minimum on their credit cards it would take about 40 years to get out of debt.  The feds are doing this to help out the consumer, although it may not seem like it right now to you.\n\nI have been there, my friend, but I am now debt free (well except a mortgage and a car loan) and here is how i did it.\n\n1. Stop using your credit cards.  Cut them up.  If you cannot bear to do that then put them in a baggie filled with water and freeze them.\n\n2. Instead of paying your new minimum every month, pay half of it every 14 days.  Not twice a month, but every 14 days.  You will be amazed at how quickly your debt disappears.\n\nThe credit card companies would love to go back to the old system and do not want you to know about the pay every 14 days method so they could take more of your money.  \n\nWhen you get them paid off, then only use them as a "charge card".  The difference is that you pay that off every month and you do not pay them any interest.\n\nWork hard and get this done and you will feel so GREAT when you are debt free you may not want to rack up charges ever again.
512351
Read your credit card agreement, as they vary.  Generally it's 60 days.  There may also be a local state banking law covering your situation.  But here in Michigan, they only run 30-60 days depending on the situation.
892533
I would try my own bank first and see if they have a lsmall loan prgram or credit card that I was applicable for.  The payment will depend on how much your interest rate is and how much time they will give you to pay it back, so if it is 2, 500 and your interest rate was 10% and you had 12 months to pay it back, how much woudl it be?  Figure it out that way, just an example.  also, find out if there is a grace period where if you pay it back within say 30 days thre will be no interest or if you can wait until 60 days later to make your first payment.  Hope this helps!  Good luck!
708835
Yes.  At least $15K.  I got a loan and combined the cards.  I then made double payments on the loan.  It took about 2 years to pay it all off.
110431
put a little aside every day. i just took $5 out of my wallet everyday, before i left for work. if you do that for a week then you have $35. for a month that's $150. if you do it for a year then you have $1825. it may not sound like much, but it worked very well for me.
187167
It sure sounds like a great deal.....but read the fine print VERY CAREFULLY on the agreement.\n\nWhat it means is for a set period of time (lets say 6 months) you can use the credit card to make purchases, and not pay any interest fees at all.\n\nAfter that period, you start paying a set amount of interest on the unpaid balance.  Sounds cool, right?\n\nThere are the traps you have to know about.\n\nMany people run the card up, and have a large balance at the time interest kicks in.  They make minimum payments, the card never gets paid off, and everything gets out of control.\n\nDepending on the offer, the interest rate is pretty low, maybe 15% (or lower).  The credit card companies have buried land mines in the contract, and if you step on them you die!\n\nExample #1:  If you go over your credit limit and do not bring it down by the next billing cycle, they will automatically (and without notice) increase your interest rate.  There are no notices and no warnings.  You only find out when you get the next month's statement.  It's not uncommon for people to be paying 25%-30%.  OUCH!!!  \n\nIn the past this would never happen, because if you tried to charge something, and that charge would go over your limit, it would be rejected.  But those nice Credit Card companies decided to "allow" you to "temporarilly" increase your limit so you can buy that item.  They do this "as a favor to you".  Some favor.\n\nExample #2.  If you are ever late on a payment, they will raise your interest rate.  Don't EVER be late.\n\nWish the government would pay more attention to these credit card companies's scams and less time to other nonsense issues.
402786
It depends on the credit card.\n\nMost credit cards require 2% or 4% of the outstanding balance.\n\nTo calculate it, multiply:\n(% of outstanding balance) x (oustanding balance).\n\nFor example, if you owe $3000, and your credit card company required a 4% balance payment, then you'd multiply:\n$3000 x 4% = $120\n\nAlso, many credit card companies round up to the nearest $1, $5, or $10.
1085544
call them and explain the situation. At the end of the day you agreed to pay it by accepting the card but they are not heartless people. \n\nAdvise of your current situation with income and other outgoings more important (car, house etc) and then arrange a repayment plan. The sooner you do it the better.\n\nIn some cases they will stop you being able to use the card and will stop or at least reduce the interest charges, but you're better contacting them sooner rather than later
643642
Get a secured one. That is one where you have to make a deposit into a special account and then as you use and pay the card you re-establish your credit. It is a lot safer than getting one with a really high interest rate(19-29%) that I might add is compounded daily. Also for good reference, it is better to pay it all off as you charge rather than carrying the balance forward that's how they make all their money on you only paying the minimum due.\nGood luck with improving your credit rating.
481469
Credit card interest shouldn't matter if you use the card correctly and pay off the balance every month.
924620
You can pay your balance or part of a balance higher than the  minimum payment anytime before the due date. Some lenders will allow up to 3-payments without penalizing you for it. \n\n\nWith a $500.00 Credit Line you need to be ware that you cannot use more than 50% of the credit limit., keep your utilization low, this mean only use $250.00. and try to pay the balance in full every month.