Tuesday, September 7, 2010
Minimum payments
So we charged our washer, dryer and deep freezer onto our Nebraska Furniture Mart credit card. We were able to get no interest until August 2012 and we knew we'd have it paid off by then. We haven't received a credit card statement in a long time so maybe this is a new feature, but our statement gives us the information for if we pay the minimum payment that it will take us 7 years to pay it off! and by the time it is paid off our $1500 will end up being $2300! That is crazy to me! I know people ONLY pay the minimum payment all the time (I look at credit bureaus all day long!) but 7 years to payoff $1500....who knows if the washer and dryer will still be working then or if we'll be living in the same house! No wonder people can't get out of credit card debt!
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