Paying Only the Minimum on $5,000 in Credit Card Debt Could Take Decades to Clear

Quick Read Americans owe $1.23T in credit card debt at 22.83% APR while the Fed rate sits at 3.72%. Issuers maintain a constant 15-18 point markup over prime. Fed cuts don’t reduce consumer borrowing costs. A $5,000 balance accumulates over $3 daily in interest. Most minimum payments go to interest rather than principal. Investors rethink ‘hands off’ investing and decide to start making real money Americans collectively owe $1.233 trillion in credit card debt, with nearly half of all cardholders ...