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Debt Information

When You Make Minimum Monthly Payment, The Debt Amount Pay Back Is, How Long Will It Take? Continuing to make minimum monthly payments can take years to pay back, and cost thousands of dollars in interest alone. ~CNN Money Reports~ Examples below show the number of years to pay off a credit card balance based on 19% interest and a minimum monthly of 2.1% of the outstanding balance. Most cards require a minimum monthly payment between 2.0% and 2.4% of the outstanding balance.

$10,000 – $26,276.59 – 42 yrs 9 mos $45,000 – $169,933.22 – 65 yrs 6 mos
$15,000 – $55,370.41 – 48 yrs 11 mos $50,000 – $189,027.02 – 67 yrs 1 mos
$20,000 – $74,464.22 – 53 yrs 3 mos $60,000 – $227,214.61 – 69 yrs 10 mos
$25,000 – $93,557.98 – 56 yrs 7 mos $70,000 – $265,402.22 – 72 yrs 2 mo
$30,000 – $112,651.77 – 59 yrs 4 mos $80,000 – $303,589.81 – 74 yrs 2 mos
$35,000 – $131,745.58 – 61 yrs 8 mos $90,000 – $341,777.43 – 76 yrs 1 mos
$40,000 – $150,839.39 – 63 yrs 9 mos $100,000 – $379,965.06 – 77 yrs 7 mos

You do have rights to protect you from predatory practices that some third party collection agencies use to collect bad debts. In order to protect consumers from such practices, the Federal Trade Commission (FTC) has published the Fair Debt Collection Practices Act (FDCPA). The FDCPA requires that debt collectors treat you fairly and prohibits certain methods of debt collection. Of course, the law does not eliminate the debt you owe. You are still responsible to repay these debts but the FDCPA governs the way collectors deal with you.

Some restrictions on collection practices by the Fair Debt Collection Practices Act:

Note: Consumer Debt Help Association is not a law firm and does not provide legal advice, we are simply summarizing information located online. If you have a legal question consult an attorney.


Debt collectors may not harass, oppress, or abuse you or any third parties they contact. For example, debt collectors may NOT: use threats of violence or harm; publish a list of consumers who refuse to pay their debts (except to a credit bureau) use obscene or profane language; or repeatedly use the telephone to annoy someone.

False statements.

Debt collectors may not use any false or misleading statements when collecting a debt. For example, debt collectors may not: falsely imply that they are attorneys or government representatives; falsely imply that you have committed a crime; falsely represent that they operate or work for a credit bureau; misrepresent the amount of your debt; indicate that papers being sent to you are legal forms when they are not; or indicate that papers being sent to you are not legal forms when they are.


Debt collectors may NOT state that you will be arrested if you do not pay your debt or that they will seize, garnish, attach, or sell your property or wages, UNLESS the collection agency or creditor intends to do so, AND it is legal to do so. They are also prohibited to state that actions, such as a lawsuit, will be taken against you, when such action legally may NOT be taken, or when they DO NOT intend to take such action.

False information about you.

Debt collectors may NOT give false credit information about you to anyone, including a credit bureau; send you anything that looks like an official document from a court or government agency when it is not; or use a false name.

Unfair practices.

Debt collectors may NOT engage in unfair practices when they try to collect a debt. For example, collectors may NOT: collect any amount greater than your debt, unless your state law permits such a charge; deposit a post-dated check prematurely; use deception to make you accept collect calls or pay for telegrams; take or threaten to take your property unless this can be done legally; or contact you by postcard.

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