Are you one of many who are only paying the minimum amount due on your credit card account and carrying over the balance every month.  If you do, as you probably already heard, it’ll take up to a whole generation to pay it off.  For some, they will be at retirement age at that time but won’t have enough saved up because they paid just the minimum.

 A $4,000 credit card account with a balance at 19.9% interest will take approximately 24 years to pay off.  This assumes only the monthly minimum is paid, and the minimum is 2.5% (which would be $100 with a $4,000 balance) of the balance or $15.00, whichever is more.

What if the account holder decides to pay an extra $10.00 per month.  Using the same assumptions, that cuts it to just over 14 years.  An extra $25 per month cuts it to less than 8 years.  Paying double the balance

The moral of the story:  Pay more than the minimum on your credit card accounts that carry a balance.