When Will I Pay Off My Credit Card

by Joel Sandwith on January 15, 2013

How long to pay credit card bills?

This is a question we probably don’t ask ourselves often enough, or in the right way.  A few years ago, credit card bills changed, with the addition of a little information box that would tell you how long it would take to pay the credit card bill with only minimum payments. In many cases, it can take 10, 20 or more years to pay off the entire credit card bill!

There are a lot of reasons people take on credit card debt, job loss, emergencies, helping family, and let’s be honest, overspending.  But if you are asking yourself “when will I pay off my credit card bill?”, it is you who has the answer.  What do I mean?  Well, look at the box on the bill – what does it tell you?  Can you pay more?  Why aren’t you paying more, and paying the balance off each month?  Perhaps it’s become impossible.

Hoyes Michalos and Harris Decima teamed up again recently to study credit card habits among Canadians.  Did you know that 38% of Canadians carry a credit card balance?  Less than 50% of those people expect to be able to pay the debt off within a year.  It’s an interesting read, and you can read more about it here:  Hoyes Michalos Credit Card Poll

For some ideas about how to handle this, if you are among those dealing with credit card debts, have a look at this article from MoneyProblems.  Also, feel free to give us a call, 519-344-1058 here in Sarnia, or 310-PLAN (7526 – no area code required), for free information about how to deal with debts.

 

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