PelhamToday received the following reader letter about the true cost of using a credit card.
How much does your credit card really cost you?
I just received my monthly statement and, as required by law, was advised that if I made the minimum monthly payment of $93.17 it would take 57 yrs. and 8 months to pay off, at an interest rate of 21.99 %.(thank goodness it isn’t 22%)!
That is 692 months x $93.17 =$64,473.66 to borrow $4,235.40!!
Parents, drive that home for your kids the next time they want to use a credit card to buy something they don’t need!
Tom Airth
Burlington
