I am going to make a bold statement but it is a true statement nonetheless. If you ever plan to retire comfortably or at a reasonable age you cannot abuse credit cards. They are financial cancer.
I used to be buried in credit card debt. Part of it was sensible because it helped me purchase books and other things to get me through college, which I financed on my own. However, some of it was just stupidity. Once I decided to make a change in my thought process it only took me 2 years to get out of this debt and I wasnt making lots of money at the time either.
Lets take an example. The average credit card debt is almost $10,000 per household now. Lets say you have a $9000 credit card debt balance and the interest rate is 14.9 % which is low for most people. Depending on the company the minimum payment is probably in the neighborhood of $150/month. If you paid nothing but the minimum payment on that card, and never made another purchase, it would take you 111 months to pay this card off. Almost 10 YEARS to pay off a $9000 credit card debt? That is insanity. It would cost you roughly $16,600 to pay of $9000 in debt.
Lets take a look at the same balance with some...
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