The following is an article written by Mike Roberts of The Credit Solution Program. This is not an endorsement but interesting content that is worthy of passing along.
Credit card debt can be detrimental.
If you don't carry a balance or have credit card debt, congratulations, you are in rare company. However, if you do, I have some harsh truths to share with you.
Carrying a balance on your card costs a lot more than most people realize. Over time, the interest alone can cost you more than your original purchases you put on the card. Here are a few stats on credit card interest that you probably haven't really thought about:
The lowest interest rate you can find is 14.95%. That means for every thousand you spend you are paying an extra $150.
A $5,000 balance paid off at 2% minimum payments would take you 22 years to pay off. That means that making minimum payments on a balance of $5,000 dollars at 100 dollars per payment would end up costing you $26,400 over 22 years.
That's should really drill into you how big a difference it can make to create a simple strategy to pay off your credit cards quickly.
Mike Roberts Credit Coach
The Credit Solution Program