Yesterday, I opened my credit card statement only to be completely blown away by their thoughtful projections in regards to my credit. I have a minor balance of $600.00 on a credit card. Since my goal is to be debt free by the end of the year, every month, I make payments that are more than double the minimum payment due. Thank goodness for that because what my credit card company told me, was earth shattering. They said that if I were to only make the minimum balance each month (on $600!!) it would take me 1,027 years to pay it off. Yes, go back and read that again because that is exactly what I did. Here it is again, 1,027 years. What is that?? Is that even legal? How can they ask me for a minimum balance, knowing full well that it will take me over a millennium to pay it off? No wonder why our banks are in such trouble. I guess they don't really need any of their money right away. Let's see, how would I feel if my great grandmother to the 25th degree charged her plow? I guess it would probably be costing me about 3 million Deutsch marks or 5 solid gold bricks. I guess I really shouldn't be complaining about my student loans.
Millennium of DebtOne-hundred sixteen-thousand,
eight hundred five dollar$
One-hundred sixteen-thousand
Minimum payments
One-hundred sixteen-thousand,
eight hundred five dollar$
How to pay off, pay off your credit cards?
With interest-with advances
With purchases- and balance transfers
With statements-with due dates
With balances - with fees
With One-hundred sixteen-thousand,
eight hundred five dollar$
How do you pay off your minimum balance
in just one life??
How about 1027 years?
How about 1027 years?
How about 1027 years?
Measure in centuries.
Credit card corruption.
Credit card corruption.
It's time now to sing out
though the interest never ends
Let's cherish our minimum balance now,
Because for generations it won't end.
Oh, you've got to remember the purchases
because the payments never end
Share the credit, share the wealth, spread the payments
Measure, measure your payments in centuries
3/31/10 only 831 more years to go until my balance is paid off!
