Credit Card Debt Can Add Up
Say you have charged a total of $1,500 on your credit card (this is not hard to do, if you use it very often). Many credit cards have high interest rates, such as 19.9%. If your minimum payment each month was $30, it would take you more than 25 years to pay off your debt! Even worse, you would end up paying a total of $6,000 even though you only borrowed $1,500!
If you doubled what you pay each month to $60, then it would only take 2 ½ years to pay of your debt and you'd pay only a total of $1,900.
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