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Why Minimum Payments Cost You $2,000 Extra #creditcard #debtpayoff #moneytips #interest #finance
Credit card companies don’t make money from rewards. They make it from interest. The average American has $6,000 in debt paying $1,200/year just in interest. But here’s the real trap — if you only make minimum payments on that $6,000 at 20% interest, it takes 3 YEARS and costs you an extra $2,000. That’s $2,000 you paid just for the privilege of paying slowly.
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