Article: Escaping The Debt Spiral
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Escaping The Debt Spiral
Credit card debt is the ball and chain that hinders many consumers from reaching financial happiness. The biggest problem is that many people who have hefty credit card debts have no idea just how much money they?re paying in interest every month ? they?re in a ?debt spiral? from which it?s very difficult to recover.
Credit card companies charge borrowers rates that far exceed what you get when you invest your money. For example, if you have a savings account, you are probably earning less than 3% interest on your money. Unfortunately, if you have a credit card, you are likely paying 12%, 15%, 21% or more on the money you?ve borrowed. It?s perfectly legal for creditors to charge those amounts, but it can put you deep in the hole in a hurry.
How about those 0% ...
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