That’s how long it will take you to pay off the balance on your credit card if you keep paying the minimum payment every month.
In certain countries, government mandates that credit card companies explain how long it will take and how much it will cost you to pay off your balance if you make the minimum payment every month. There is also a ruling, in other countries, that require the credit card company to show you how much you can save if you paid off your credit card balance within 3 years (36 month).
But as three Harvard professors showed, 3 years doesn’t equal to 36 months. Clauidine Gartenberg, Dennis Campbell and Peter Tufona showed that it would take you and me, with a credit balance of $3900 at 15.32% annual interest a whooping 150 months (12 years 6 years) to finish payment if we paid the 36-month minimum amount.
The best way to get out of your credit card debt, assuming you don’t accumulate any more expenditures on the card, is to look at the 36-month minimum amount on your first bill and keep paying off that amount (the 36-month minimum payment reduces every month based on your payment) until your balance is zero. This is guaranteed to clear your debt.