FINANCIAL LITERACY
CAN YOU HANDLE THE TRUTH? PAYING MINIMUM PAYMENTS ON THE AVERAGE U.S. CREDIT CARD BALANCE WILL TAKE ~27 YEARS TO PAY OFF THE BALANCE!
A two percent minimum payment at today’s interest rate of 18% annually takes 26 years and ten months to pay off the $5,800.00 balance, with total interest charges of $9,752.70.
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