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Remember the CARD Act of 2009? It set in motion a lot of different rules intended to protect consumers like you and me. One of these changes was to add more information to our credit card bills, detailing how long it would take to pay off the entire balance if only paying the minimum balance. 

What they didn't anticipate was the results of a study discovering that instead of motivating those with credit card debt to pay more than the minimum amount, it actually increased the likelihood that they will pay only the minimum payment, according to reporting by TIME. They think its due to discouragement, especially for those who have a huge amount of debt. I can see it getting to me, seeing it would take something like 15 years to finally pay off a credit card. It's probably why I haven't pushed more money toward my ridiculous student debt. 

Instead of getting discouraged, though, try this: check out this calculator and determine how long it would take to pay off your debt if you paid more than the minimum amount. Find a payment that works and keep plugging away. Be patient. The payoff will come, and it will feel great to finally be debt-free. 

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