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Can’t I just make small payments on my credit cards and eventually catch up?

April 26, 2017catch credit cards eventually PAYMENTS small

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Can’t I just make small payments on my credit cards and eventually catch up?

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You could try, but it is unlikely that you will ever pay off your credit cards in full. If you have $15,000 in credit card debt, with an average interest rate of 17% and pay $300 per month, it will take you 7 years and 4 months to pay off the debt, and you will have paid over $11,000 in interest. If you’ve fallen behind on your cards, and your average interest rate is 27%, it would take you approximately 12.5 years to pay off the debt at $350 per month!