Gates Little, president and CEO of The Southern Bank Company, says credit card debt can last decades.
"Say you owe $10,848 at 24.37 percent interest," he said. "Even if you stop using your credit card today and pay $250 each month, it will take you almost nine years to pay down your balance, and you'll pay $15,644.03 in interest alone, for a total of $26,492.03 — more than double what you initially spent."
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