|
Consolidation Loan | Making Only Minimum Payments* | |
|---|---|---|---|
| Monthly Payment | $408 | $676 | $729 |
| Total Repayment | $18,750 | $40,580 | $72,262 |
| Debt Free In | 46 months | 60 months | 443 months |
| Interest Rate | 0% | 21% | 23% |
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* The minimum payment example is based on a credit card for individuals with fair credit, having an interest rate of 23% (rounded up to the nearest percentage point) and assumes a payment of the interest and 1% of the principal balance. Please note that, assuming the principal balance does not increase due to additional charges, fees, and interest, the required minimum monthly payment will decrease over time as additional minimum monthly payments are made and reduce the total balance.
