One of the great things about using a credit card is that you can buy now and pay later. But many consumers take the pay-later concept to an extreme—they pay only the minimum amount due on their card's outstanding balance each month and end up paying the maximum costs.

The minimum payment is set by each card issuer—it's typically about two percent of your outstanding balance. While paying only $20 a month to buy a $1,000 computer may sound like a good deal, you should know just how much that computer will really cost when you add in the interest charges.

Use the Consumer Credit Slide Guide to find out how long it will take you to pay off a balance by only making minimum payments. It calculates the cost with interest included, so you'll know the real cost—and you'll be a smarter consumer!

View and purchase this item on the Incharge Education Foundation store.