Credit cards have become a crucial financial lifeline for many people, and are often used as part of daily life rather than for emergencies. It is tempting to only pay the minimum each month, with accountholders believing that they are chipping away at outstanding debt. However, with minimum payments having decreased over the past few decades, many people are paying a lot of interest, creating more debt for themselves and keeping up profits for the lenders.
According to the Consumer Financial Protection Bureau, around 15% of credit accounts receive the minimum payment each month. Though this once helped to keep people ahead of their debt,
No comments:
Post a Comment