Avoid the Minimum Payments Trap!

Learn the true costs of paying the monthly minimum on your credit cards!

Let’s say you have a total balance of $4,000 on your credit cards. If you pay just the 3% minimum payment every month, you would pay a total of $13,843 for your debt, including $9,843 in interest charges, and you would have to make payments for 34 years! (This example assumes that you don’t charge more...which may be unrealistic for many Montana families).

However, if you doubled your minimum payment every month, you would only be in debt for 10 years and pay $2,222 in interest, saving $7,621.

To order Credit Card Smarts Calculators, please email Keri Hayes at khayes@montana.edu or call 406-994-3511.

Teaching Guide:

• Teaching Guide (PDF)

Minimum Payment Situations:

• Matt Example (PDF)
• Mary Example (PDF)
• Chris and Bethany Example (PDF)
• Credit Card Trivia and Answers (PDF)

PowerPoint Presentation: 

• Credit Cards: The Minimum Payments Trap! (uses 3% minimum examples) September 2017