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That credit card interest calculator on NerdWallet shocked me straight
I always thought carrying a $200 balance was no big deal, but I plugged it into that calculator and saw it would take me 14 months to pay off with minimum payments. The total interest was like $47 on just $200. I paid it off same day and now I treat my card like a debit card.
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evan_harris1413d ago
$47 is basically two coffees from Starbucks.
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Man that hits so close to home... It's crazy how something that seems so small can turn into this whole thing. I had a similar shock a while back and it really changed how I look at money. It's not just about the $47, it's about how long that debt follows you around. That 14 months part is what got me, you're just making payments forever and not getting anywhere. Good on you for paying it off right away, that's the smart move.
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