Re:U.S. credit card debt jumps 18.5% and hits a record $930.6B
by leetcrew on Friday February 03, 2023 @02:03PM
(#34646258)
they're already required to clearly display the total interest over the full loan term on the contract you sign. there's no hiding the fact that 25% APR with a 72 month term means paying ~100% of the principal again in interest. I honestly don't see how it could be made more clear that this is a terrible financial decision. it's like it just doesn't occur to people that they might have to pay for things other than a car note sometime in the next six years.
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Re:U.S. credit card debt jumps 18.5% and hits a record $930.6B
by ashwagary on Sunday February 05, 2023 @05:43PM
(#34670535)
>there's no hiding the fact that 25% APR with a 72 month term means paying ~100% of the principal again in interest. I honestly don't see how it could be made more clear that this is a terrible financial decision.
According to Michael Saylor, the value of the dollar halves every ~5 years.
It's still not a great financial decision but if that capital is being utilized well, it may not be so terrible for people with no access to lower apr loans.