Why you will never pay off your credit card

[~Jessie~]

LOL...



Credit Cards | Cracked.com

[ACooper]

First That is hilarious...........I LOL'd @ the "men in the family being killed by plasma splitters" LMAO!

And second, HOLY CRAP! The "average" American has over 10k on credit cards? Is that fact for real? I can't imagine.........I don't think I know any 'average' citizens then, ahhahahahaha

[CaliTerp07]

It's sad how many people don't understand how interest works.

My #1 goal as a future high school math teacher is to teach kids real world money management skills.

[CaliTerp07]

Oh, and the whole fault in this logic (I know, I know, it spoils the fun!) is that the minimum monthly payment isn't enough to ever pay it off, because the interest on that balance is more than the minimum payment. A CC company will always have the minimum payment be more than the interest.

If you up your minimum payment to $300, you'll pay it off in 33 years! (And have paid $26000 in interest...)

[Doberluv]

That is funny. But the sad part.....it's TRUE. People don't know what they're getting themselves into when they don't pay off their credit card each month IN FULL. It is a nightmare what interest will do to you. People need to do the math ahead of time to get the full realization, I guess.

[Dreeza]

Originally Posted by CaliTerp07

It's sad how many people don't understand how interest works.

My #1 goal as a future high school math teacher is to teach kids real world money management skills.

that is all.

[smkie]

Now I am grateful I don't have one.

[Doberluv]

I like having a credit card. It defers payment on other things. That money I would have spent on the spot is earing a little bit of interest in another account until the end of the month. (not much, but something). It's convenient. I don't have to write so many checks because most of my bills are charged to it. Writing a lot of checks to me, means higher odds of screwing up my check book and not being able to balance it. LOL.

But I am adamant about paying it in full when I get my statement. I've heard that a lot of people really don't relate to the idea that this little plastic thing represents money. And don't seem to have the sense of reality that it has to be paid off at the end of the month and they just buy things left and right. I don't have that feeling. It's money. And if I can't afford something, I know that I mustn't buy it.

Originally Posted by CaliTerp07
It's sad how many people don't understand how interest works.

My #1 goal as a future high school math teacher is to teach kids real world money management skills.

That is a very good goal.

[DanL]

If I had a card with a 25% interest rate, I'd move it to a lower interest card and close it!

[~Jessie~]

I find this article hilarious, but at the same time it should hopefully be enough to scare the heck out of anyone planning on putting a car/motorcycle/drinks for everyone at the bar on your credit card!

We have credit cards for emergencies, and we use them to put certain things on them temporarily(like booking trips, etc.). One of mine (we have 2 total) is connected to my bank account for overdraft protection so it's really helpful.