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Credit Card Debt
is one of the fastest growing debts that we have. Its ease of use has entrapped many consumers into an unending spiral of credit card debt payments.
Consider
This:
if you paid just the
minimum payment
on a $4,800 credit
balance at the average annual rate
of 17% plus 0.5% for principal reduction,
it would take you over 21 years
to pay off your balance (considering
that you did not have any other
charges).
That means paying $13,376.35 in
interest charges alone for the
privilege of charging $4,800! That's why credit card debt can be an expensive debt to hold.
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