Many people don't realize the true cost of keeping credit card debt. They believe it's more important to have new clothes, a new gadget, or the latest and greatest big screen TV. I ran some numbers that are very surprising. I ran a scenario based on making the minimum credit card payment for a $1,000 balance with a 19% interest rate, which is fairly common. If you charge nothing else, it will take you 8 years to get the card paid off, and you'll spend another $1,000 in interest.
So. What you thought was a good deal when you bought that $10 sweater, became a bad deal real quick. I hope this encourages to reconsider using a credit card if you're not paying it off every month.
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