Below is a financial calculator to find out the interest charges and the number of payments you need to make in order to clear off your credit card debts should you just pay the minimum charges every month.
You will discover that if you just make the minimum payment it will take a very long time to clear your credit card outstanding balance. For example a RM10,000 debt takes about 89 months (7 to 8 years) to clear. The higher the amount the longer it takes. In the process of clearing of the debt, you will be incuring high interest charges. The conclusion is obvious – pay off your credit card debt as soon as possible!