Seriously- pay off your credits cards!
February 21, 2010 by Avalon
Filed under: Avalon's Money Thread, Banks, Cost of living, Economics, General Budgeting, Interest Rates, Credit Cards & Mortgages in NZ
Filed under: Avalon's Money Thread, Banks, Cost of living, Economics, General Budgeting, Interest Rates, Credit Cards & Mortgages in NZ
From Credit Cards on Cracked.com
You will find a very good explanation of who this works on the website. Although this refers to the US, its a cautionary take in any country. I believe in the UK the minimum payment has to cover the interest and charges, and your statement should now tell you how long it will take to clear the card if you just make minimum payments, but that does assume that stop spending. And not many people do that!
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Related posts:
- Why are Credit Cards still charging such high interest rates in New Zealand?
- Why are Visa and Mastercard forcing you to have contactless credit cards?
- Paying off debt – still too hard for most people :(
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