Skip Nav
Money
What Goats (Yes, Goats) Can Teach Us About Personal Finance
Career
How Can I Ask My Boss For a Recommendation?
Job Search
Instead of a Cover Letter, Try Writing a "Pain Letter"

Guess How Long It Would Take to Pay Off This TV?

Americans are starting to smarten up about credit cards. Irresponsible spending on credit has caused a lot of trouble for too many people, and in light of the new credit card reform bill, Consumer Reports attempts to send a point home in its July issue.

It presents this scenario: You charge a $1,000 TV to a credit card with a 13 percent interest rate, and make only minimum payments of 2 percent each month. Can you guess how long it would take to pay off the TV?

Source

Guess How Long It Would Take to Pay Off This TV?

How long would it take to pay off a $1,000 TV charged to a card with a 13 percent interest rate, while making only monthly minimum payments of 2 percent?

Progress  
Join The Conversation
juliefischer juliefischer 8 years
Thats insane. This is why I pay off my credit cards every month. Always have, always will.
starangel82 starangel82 8 years
So your $1,000 TV really ends up costing closer to $1,500. Not such a bargin anymore.
Tips For Getting a Better Credit Score
Away Luggage Review
Accidental Credit Card Fraud
Costco Employee Secrets Revealed
From Our Partners
Latest Career & Finance
All the Latest From Ryan Reynolds