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Pay off your credit card debt

Ben Christopher

22nd August 2011

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A simple example showing what happens when you only pay the minimun monthly payment on your credit card debt. These are hard times and austerity is eating into people’ s real incomes as this Economist’s Daily Chart shows. I read somewhere the other day of people borrowing on their credit cards to make their mortgage payments. Credit cards are great if you’re organised and can ideally take advantage of the period where no interest is charged and pay off the debt when the bill comes in but as this graphic shows, just by making the minimum payments, the cost of that credit ends up being astronomical.

image

visualizingeconomics

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Ben Christopher

Now teaching in Dubai.

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