Thanks.
2006-10-05 06:41:42 · 7 answers · asked by . 6 in Business & Finance ➔ Credit
If you make the minimum payments, it could take 30 years. I'm not kidding, do the math.
If you're asking how long I take personally, I try to pay them off every month. If I don't have a zero balance, I don't allow myself to use the card until it is paid in full.
Credit cards should only be used for convenience - not credit. It is the most expensive loan you'll ever get. The fees and rates they charge would make a loan shark blush.
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2006-10-05 08:21:22 · answer #1 · answered by FozzieBear 7 · 1⤊ 0⤋
If you only make the minimum required payment each month, the average time is 30-36 years. It's called compounded interest :)
Personally, I try to pay it off once the bill comes to avoid getting stuck in the above situation!
2006-10-05 14:33:43 · answer #2 · answered by KL 5 · 0⤊ 0⤋
How much time do I take? Depends on the amount, but no longer than 6 months for a huge purchase, one month otherwise.
How much time in general do you have? Unlimited - just as long as you know you're paying more in interest than the purchase.
2006-10-05 13:44:47 · answer #3 · answered by zippythejessi 7 · 0⤊ 1⤋
It depends on the amount but usually 3-6 months
2006-10-05 13:44:20 · answer #4 · answered by Cocoabutta98 4 · 0⤊ 1⤋
I pay it as soon as the bill comes. If I can not afford something I do not get it
2006-10-05 13:50:49 · answer #5 · answered by norsmen 5 · 1⤊ 0⤋
You need to pay it off as soon as possible before the interest eats your lunch.
2006-10-05 13:49:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
next bill that comes in
2006-10-05 14:15:38 · answer #7 · answered by golferwhoworks 7 · 0⤊ 0⤋