How Long To Pay Off $10,000 in Credit Card Debt

$10,000 Credit Card Payment Scenario at 19.99% Interest

Sizeable credit card debt can take many years to pay off, and you will pay plenty in interest charges.

Credit card debt in Canada can quickly become a concern for people with a high balance on their card, and the rate of interest charged by the credit card companies.

If you are wondering how long it will take to pay off $10,000 in credit card debt, at the rate of 19.99% interest, which is the rate of many top banks in Canada, we will explore various scenarios here.

For this exercise we will explore different monthly payment options and how that will impact your credit card debt and to see how long it will take to pay down $10,000 in credit card debt.

Under these payment scenarios, we will assume that you make no more purchases on your credit card.

It likely took some time for you to get into trouble with your credit cards, so it is important that you realize it will take time to pay it down.

Credit Card Debt Repayment Scenarios

 

Credit Card Payment Per Month: $300
Credit Card Balance – $10,000
Credit Card Interest Rate – 19.99%
How Long Will it take to pay off $10,000 under a $300 monthly payment: 4 Years and 2 Months

 

Credit Card Payment Per Month: $400
Credit Card Balance – $10,000
Credit Card Interest Rate – 19.99%
How Long Will it take to pay off $10,000 under a $300 monthly payment: 2 Years and 9 Months

 

Credit Card Payment Per Month: $500
Credit Card Balance – $10,000
Credit Card Interest Rate – 19.99%
How Long Will it take to pay off $10,000 under a $300 monthly payment: 2 Years and 1 Month

As you can see, increasing your monthly payment towards your credit card debt by $100 allows you to cut down on your credit card debt much quicker.

If your credit card debt is growing, it is important you stop using the card, and make a debt repayment plan you can follow.

If you feel like you need assistance with your credit card debt, you can speak to a Licensed Insolvency Trustee about your options.

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