Don’t Trap Into A Credit Card Debt, It Too Costly!
While swiping the credit card is a very effective way to pay without using any type of paper money, it has led many people into a debt trap.
Majority of people simply look at whether or not they can afford their monthly repayment when using at their credit cards. Many of them don't even try to figure out how long it will take to pay them off and how much they are costing them over the long run.
For instance, $2,000 doesn't seem like a huge balance on a credit card. In that case at an 18% interest rate, your payment is only around $40 a month. Sounds pretty affordable at the moment, doesn't it?
Well, if you take a closer look at the number, approximately $30 of your payment goes towards interest. As a matter of fact only $10 is paid towards the $2,000 balance each month.
In case if you are only paying the minimum balance each month, it will take you over 30 years to pay off that $2000. Thirty years, that is too long. In addition you will have paid back $5,000 in interest in that time. Therefore your $2,000 credit card bill will really cost you $7,000 including interest in...
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