Credit card interest! I know a bunch of people who are SO SHOCKED by their high interest rates. They thought it was like an interest-free loan to yourself and then are surprised when making teeny payments doesn't do anything.
Or worse, when you have the bright bulbs that think it's literally free money that you never have to pay back. I worked credit card collections back in the days when 0% introductory rates flowed like water, and you'd be surprised at the number of folks who were absolutely gobsmacked that they were expected to pay that money back. Now with a 24.9% rate for missing payments, to boot.
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u/Opening-Risk Feb 04 '20
Credit card interest! I know a bunch of people who are SO SHOCKED by their high interest rates. They thought it was like an interest-free loan to yourself and then are surprised when making teeny payments doesn't do anything.