Control What You Owe

How will you pay for things after high school?

On average, North Americans have the following:

  • 2-4 major credit cards,
  • 3-7 merchant credit cards,
  • and 2-3 Bank or ATM cards!

The average North American also has a major problem managing personal debt.

Students often have problems with using their credit cards properly.

Not using your credit card properly can lead to some pretty serious long-term debt.

Let’s look at one of the examples from the show:

Credit card purchase: $1,300.
Interest rate: 19.5%.
Total cost making monthly minimum payments: $3,785.67

Almost 3 times the original amount!

Keeping your wallet simple by having only one credit card for emergencies will help you avoid credit card debt.