| | WOW HOW'S THIS FOR A SOBERING CALCULATION?
I heard on CNN today that the average american is carrying an $8,000 credit card debt, and that a vast majority of people are paying the minimum amount due per month most of the time. My dad found this calculator that shows how revolving debt can get. You can see it at: http://bankrate.com/brm/calc/MinPayment.asp
So doing the calculation here's what it shows:
It would take the average American 54 years to be credit card free, using the same payment schedule as is currently being followed. Wow does this provoke some thought! |
| | Posted 1/12/2004 1:20 AM - 276 views - 0 comments
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