You know that making purchases using credit cards is expensive if you do not pay off your balance each month. Indeed, carrying a balance on your credit card is one of the biggest ways that people waste money each month. However, it is hard to see this, since the minimum payments required by credit card companies are so small and seem so affordable. The Credit CARD Act of 2009 has required credit card companies to list total payoff amounts, and alternatives to only paying the minimum, on statements, but many still overlook some of the issues associated with a slow repayment of credit card debt.
This infographic from Go Banking Rates offers a look at just how expensive it can be to make purchases using credit:
[Read more…] about Buying Stuff on Credit is Expensive [Infographic]
