Can someone explain this to me please

[Np1791]

In your statement it typically shows what I will be attaching in regards to your balance. Does the second option mean if you start paying the 287 then you will be done in 3 years and that is including your interest charge? I ask because currently my card is on a zero percent interest promo and I will not be able to pay it off before the interest kicks in. I have tried to get a personal loan but haven’t been able to get something to cover my debt. So if this payment counts interest then I would be okay being debt free in three years if I will have a set payment. Thank you in advance.

[RobertEG]

Yes, the projection includes expected interest and principal.

The current debt balance is not posted.

However, compare the amount paid ($287 X 36 = $10,337) with the current principal debt balance, and you will see the amount of interest you will be paying over that three year period.

[Np1791]

This is the full picture. Shows balance. 

[Anonymous]

What robert said. More specifically it will start to calculate interest after the 15 month interest free period and this is calculated in what you see. At least thats what i understand if my math skills are correct and you re on max APR.

[Np1791]

Yes my interest rate is 26.24 currently. How were you able to know about the 15 months? Also when I called in I asked how I could track this once my interest kicks in and the rep told me that they can’t do it due to possible changes. What I mean is from when does the 3 years begin? Is my progress something I would have to track myself? For example if I’m two years in from now will it tell me keep paying 287 and you’ll be done in one year or is that something I just have to track myself? Considering I don’t make additional purchases on the card. Thank you for your help.

[Revelate]

If your APR is 26.24% don’t limit yourself to 287/mo: if you can afford more throw it at this account, that interest rate is just bleeding cash leaving that balance out there.

The bit about time to payoff is just a helpful suggestion as to why to pay more than the minimum, nothing more than that.

[Np1791]

However if all I can manage for now is the 287 or say 300 per month I should be debt free in 3 years right?

[Anonymous]

Plugging your numbers into a credit card interest calculator shows the debt being paid off in 46 months at $287 a month, paying a total of $4891.12 in interest so it’s definitely taking into account your intro APR.

[Np1791]

46 months? Not 36 like they state in the statement?

[SouthJamaica]

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@Np1791 wrote:
However if all I can manage for now is the 287 or say 300 per month I should be debt free in 3 years right?

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That's what they're saying but I wouldn't rely on their arithmetic. Their objective is to keep you enslaved for as many years as possible. The only reason they give you any disclosure at all is some regulation or statute.