# What would the National Debt's minimum payment warning notice read?

The CARD Act modified what credit cards need to disclose to you on your monthly statements. One requirement was a Minimum Payment warning:

Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example:

If we apply these rules to the current national debt, using this following assumptions:

Fill in the boxes

(note: The first box contains the minimum payment and 3-year payoff amounts. The middle box contains the total years to pay off the debt paying only the minimum payment, and 3-years. The last box is the total cost of the debt after paying it off and the 3-year difference savings.)

I finally found an Amortization Schedule Calculator that will accept figures as large as the U.S. National debt. I used the following figures (let me know if I made an error):

• National Debt, including Intergovernmental Holdings, \$16,432,646,968,419
• The current Annual Interest Rate, 2.5230%
• Minimum Payment of Interest + 2% (payback 50 years), \$48,227,027,367

Not that I think it is possible to pay off the debt in 3 years, as it would require payments of \$5.6 trillion per year, but I have included those numbers. The calculator is quite flexible, for example you can enter the number of total U.S. adults. And assuming everyone pays there fair share and stomach the \$206 or \$2022 monthly payments, each person is obligated to pay \$123,320 versus \$72,789 (3-year savings = \$50,531).

Box 1 is \$48,227,027,367 and \$474,434,596,403

Box 2 is 50 years and 3 years.

Box 3 is \$28,936,216,420,037 and \$17,079,645,470,512 (Savings = \$11.86 trillion)