One might think that making minimum payments on credit card debt will save money. But a new website shows the cost of paying the minimum.
Readyforzero.com created an interactive site that allows users to input their current credit card debt to see how long it will take to pay it off. It also shows how much interest a person will pay if they only make minimum payments.
For example, if your total credit card debt is $5,000, then you can look at $5,630 in interest over the life of the loan. It will take 22 years to pay off the $5,000 in credit card debt.
The site also shows how many iPhones can be purchased with the amount of interest paid over the life of the debt. It also displays how many tanks of gas you can buy with the interest.
San Francisco-based Ready for Zero offers plans to help people pay off their debt on the site.