reducing credit card debt
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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