How Much Do I Need to Pay Each Month to Pay Off My Credit Card?

Question:

Dear Steve,

Hi, I have a high-interest rate store credit card and I owe $3000.Can you tell me how much I would need to pay each month to get this paid off this year?. This is the only debt I have. The interest rate is 25 percent. I want to be able to at least see it go down a little each month. I would really like to pay this off by late summer.

Thanks for taking my question.

Susie

Answer:

Dear Susie,

You would need to pay $285.13 per month to pay off the debt in a one-year period as long as you don’t put any more charges on it.

See the calculation below.

Pay Off Credit Card Debt

I hope you achieve this goal. You can do it!

Sincerly,

You are not alone. I’m here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don’t give up.

Damon Day - Pro Debt Coach