I just received a great card ad from a bank up to $10,000 at 28%-35% interest.
Seems a little steep?
Kids getting these? College kids to get four and six year degrees with $200,000 student loans and living off credit cards at that interest? Is that slavery?
Because who can pay off that much? 3.5 years at 300 a month just for the 10k?
>> 3.5 years at 300 a month just for the 10k?
Apparently “college kids” don’t learn much math at the “U”. Or they ignore it. Or something.
Luckily, the government stepped in years ago to protect me from accruing debt at those predatory single-digit rates I used to enjoy maintaining.
I have one credit card and almost always pay it off every month. Also have an Amazon Prime account. Haven’t seen the bill yet from last month but it will be largest ever. Last month, when I learned that AMZ bought Whole Foods, I bought wonderful organic groceries at very good prices. We shopped at Whole Foods years ago. Everyone called it “Whole Paycheck”.
Packaged, not fresh. Never pay interest ecause I pay it off every month. Nice to know I don’t really have to.
At my age, I have almost everything I need or want. Buy top quallity food, mostly organic but don’t eat beef or pork, just pasture-raised chicken (and eggs and wild Alaskan salmon. Organic potatoes and veggies. Always some kind of yogurt for dessert.
Don’t buy much alcohol, drink kombucha instead.
Kids getting these? College kids to get four and six year degrees with $200,000 student loans and living off credit cards at that interest? Is that slavery?
My best advise for those that don’t have credit cards, get one (because in today’s world you need at least one), but pay it off each month.
For those with credit card debt my advise is stop using them. If you can not pay your credit card off each month you just get deeper in debt. Begin paying off the highest interest rate first, then cancel the card. Move to the next one, repeat until debt free.
When you finally get all your credit cards paid off you will discover just how much money you really have. Good luck
I felt that way in my early 30’s. I had almost $30k in credit card bills, paying 25-35% interest. I moved as much as I could from card to card as they offered “low introductory rates”.
Eventually, I learned how to save money (by hiding it from myself in a savings account “). I converted credit card debt into bank consolidation loans, and I paid it off…. With the help of higher income, and a few good bonuses.
But first, one HAS to figure out a way to Spend less than you Earn.
It’s not slavery. It’s stupidity.