I pay my CCs off every month,autoatically , so I do not pay ANY interest charges. Have for decades. Currently they avg about 21%,so if not paid , a $100 CC balance would cost $21 in a year, a $1000, an extra $120...
I was curious as it can add a significant additional cost to an item and wondered IF anyone factored it into the price of the product.
Up here CC statements have to have a box that show 'if you only pay the minimum on what you owe, it'll take xxx years,yyy months to pay off'. IE for a $500 balance, 20%, it'd take 9 YEARS and 3 months !!!
I know one guy who says his goal now, it to get 1 million in debt just before he dies. Shouldn't be too hard with $12 2by4s and $100 sheets of plywood !!
I was curious as it can add a significant additional cost to an item and wondered IF anyone factored it into the price of the product.
Up here CC statements have to have a box that show 'if you only pay the minimum on what you owe, it'll take xxx years,yyy months to pay off'. IE for a $500 balance, 20%, it'd take 9 YEARS and 3 months !!!
I know one guy who says his goal now, it to get 1 million in debt just before he dies. Shouldn't be too hard with $12 2by4s and $100 sheets of plywood !!