Only 2022, the Consumer Protection Bureau (CFPB) reported that credit card companies charge consumers over $ 105 billion in interest. On February 2024, CFPB reported that increased interest rates called consumers for 25 billion per year.
The highest level of the year now lives above 20%, about ten times Skills pay in savings accounts. And they rely on you carry a balance. In addition to half the cardholders make, turn this to a constant financial machine.
Missing the payment? Be prepared. The percentage of penalties can shoot about 30%, making it very difficult to pay your debt. It is a program designed to save you unless you know how to beat your game.
Strategy crawled in their view. They extend enough debt to keep you spending money but it is not enough to allow you to pay easy. They put low low payments enough to be controlled but high enough to keep you pay for years.
The balance of $ 3,000 with 22% Apr-paid Apr. will take more than 19 years to pay. At that time, you will pay more interesting than the original purchase value.