Wednesday, September 26, 2012

minimum payment

My credit card's jut sent me this month's bill. Nothing beyond the ordinary. There it was my expenses, my reimbursements (for a purchase done and returned to the store 10 minutes later - because I found cheaper stuff at the store nearby), payment date and minimum payment. Yes, of course, the famous minimum payment! That more palatable amount you can pay each month without affecting your credit history.
It was this minimum payment that caught my attention.
The minimum payment, mind you, is $ 2.52
$ 2.52 ....
Shoot!! Can you imagine that? Paying $ 2.52 per month for a credit card bill? I guess this is meant to be funny.

Say I never use that card again. Also say that no interest incurs on my outstanding balance each month. Wanna guess when - just a wild guess, no need  to count ... just guess how long it would take me to finish paying my bill if, every month, I made that minimum payment!

Boy, I could not resist. I sat down and added the blessed numbers. Wanna know it? Dying to know? Well then prepare your funeral. Here's the answer:

64 years!! Yes, my friend, this bill gave the Paul McCartney song "When I'm 64" a whole and enlightening new meaning ...

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