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.