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Wed 24 May, 2006 07:16 am
I heard onthe radio,while on my way to my daycentre that some people could be paying off credit card bills etc for 77 years.
Minimum payment levels are designed to keep you in debt almost forever.
absolutly.
The average credit card loan, around 9% interest for a 2,000$ loan..
if maxed out, and paid ONLY with the minimum amount every month, is set up so that you would be paying for that loan for 27-30 years.
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