If You Have Too Much Credit Card Debt, This Article Will Open Your Eyes! I Certainly hope!
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Plastic handcuffsBuying on credit is a convenient way to pay too much for everything you buy. Consider the costs: Say you spent $1,000 on clothing, using a credit card charging 18% interest, and you make the minimum monthly payment to pay off the balance. It would take you almost six-and-a-half years to erase the debt, and your $1,000 wardrobe would actually cost you more than $1,650. Or maybe you'd rather buy some furniture. Buy $2,000 worth of furnishings with a credit card charging 18.5% interest and consider the consequences if you pay off the balance by making minimum monthly payments. It will take more than 11 years to repay the debt. By the time the loan is paid off, you will have spent an extra $1,934 in interest alone -- almost the actual cost of the furniture.Unlike most things in life, when it comes to saving money, it pays to sweat the small stuff. And when you're done with that, go after the big stuff too!
Janet Luhrs contributed to this story.