from24/7 Wall St.
3 days agoDave Ramsey Calls Credit Cards 'Financial Cigarettes', and He Has A Point
The mathematics of minimum payments reveal the true danger. Recent analysis shows how a typical balance at standard interest rates can keep borrowers trapped for over a decade, with interest charges nearly doubling what they originally spent. This compound interest effect is precisely what makes the debt cycle so difficult to break. The industry's business model depends on consumers carrying balances.
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