Credit Cards at 35%: CUT UP YOUR CREDIT CARDS!

Yeah - doing basic financial maths - credit cards CAN be useful.. depending.

But compounding interest mixed with stupid and lazy borrowers, who only pay the minimum payment, end up paying $130,000 over 10 years in interest and still owe the $80,000 student loan...

Shit like that.

Like no one made them take the fucking loan and no one told them "You do not need to read and understand the contract, BEFORE you sign it"...

AND by "Understand" - that means playing out a few scenarios on the repayments...

Minimum repayments - say $200 a month - paying interest and nothing but the interest - forever.

Better than average repayments - to pay the loan off in 8 years - say $450 a month.

High rate of repayment - to pay it off in 4 years - say $900 a month.

And to then tabulate ALL the amounts for each scenario.

What is the amounts in interest?

How much money can you have for other things?

etc.

But there are SO many people ---- ESPECIALLY WOMEN ---- who are just so fucking stupid....

They just sign the loan contract and make the minimum payments...

Same thing goes for credit cards - which are a loan at an exorbitantly high interest rate.