Carrying a credit card balance makes purchases significantly more expensive because credit cards charge approximately 25% annual interest, which can completely negate any savings from sales or discounts; for example, a $1,000 couch bought for $800 on sale will cost over $1,000 after a year of credit card interest.
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The True Cost Of Carrying A Credit Card Balance 💳🔥 #finance #shortsAdded:
Carrying a credit card balance makes everything you buy way more expensive.
You find a pair of shoes on sale for 20% off. You buy them on your credit card and carry the balance for a year. You think you got a great deal, but you actually just scammed yourself. Because credit cards charge roughly 25% in annual interest, carrying a balance wipes out any discount you found. If you bought a $1,000 couch on sale for $800, but take a year to pay it off on your credit card, the interest brings the total cost right back up to over $1,000.
Sales and discounts mean absolutely nothing if you are paying credit card interest.
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