A box on my credit card bill says that I will pay off the balance in three years if I pay a certain amount. What does that mean? Do I have to pay that much? If I pay that much and make new purchases will I still owe nothing after three years?
Card issuers are required to let you know how long it will take you to pay off your current balance if you make no further charges and pay only the minimum amount due each month. They are also required to tell you on each statement, based on the balance as of the date of the statement, how much you need to pay each month to pay off your current balance in 36 months.