User395221
Crowing
I don't think they teach kids about compound interest. I just got a credit card because they were giving away free money to get it. I don't intend using it now they've given my my free money, but I just got the first statement. On the bottom it gives you an estimate of what you'd pay if you made X payment. I put $1500 on it (deposit on my new washing machine/dryer).Yeah, my brother in law and his wife spent like crazy.
If I were to just make the minimum repayment, it would take TWENTY years to pay it back and I'd get slugged $4000 odd dollars in interest. Surely, anyone who sees that written in black and white would want to pay it back ASAP and not keep buying stuff on credit. I'd never seen that when I used to have a credit card years ago. I think it's good to show people what they are getting into, and kids should be taught better how $100 on credit isn't the same price as $100 cash.