On Sunday, when I was engaged in the great paper purge, I noticed something on an old credit card statement and I found it truly disturbing. There is a section of the statement where the credit card company tells you how long it would take you to pay off your current balance if you pay only the minimum due. It also tells you how much you will pay total if you just make the minimum payment.
The particular bill I was looking at had $1,700 on it. This is actually a fairly measely credit card balance, as American credit card debt goes, but a good sized amount for us (for the record, it is now paid off). Paying the monthly minimum of $35, it would take us 13 years to pay off our card.
I gagged a little when I read that. Not only would it take 13 years, but we'd pay something to the tune of $3,500 when all was said and done. That is a scary proposition.