www.totaldebtrelief.web employs a pitcher and a glass of water display the effects of bare minimum credit history card payments. This video utilizes a simple analogy to describe how the average American is throwing absent their cash to the credit history card organizations. Pay a visit to totaldebtrelief.net for far more info on credit history card debt relief.
your minimum payments go down as your owing amount decreases. so you are either paying a variable minimum payment each month or a static amount of $142/month. anyways, interest is just a concept of making money from thin air
You must sleep to believe of the American dream.
America back your brain.
Very good example and demonstration ,and keep up the good work
Wait a second. I’m pretty sure that 17% is supposed to be APR which means it is the nominal interest per year not per month!! Lying will get you no where.
Credit cards are known as bank loans. While lending money from a bank doesn’t exist, hiring money does. When you hire something, it is known you have to pay back more then you borrowed. They wan’t to make as much money as they can, by lowering your the minimal monthly payback. Be smart, pay more then this on monthly basis, or don’t take a loan at all, or you’ll find yourself in an entangled situation.
That’s disgusting
I recently had to put $2,500 of car repairs on my credit card, and it Canada the CC companies have to inform you how long it would take to pay your bill back if you only make the minimum payments…. My $2,500 bill says it will take 22 years and 9 months to pay off. .. ridiculous!! Pay off you bills people and you will be richer in the end!
I say just throw the fucking glass at the bank and run away, screaming “Take that, bitches!!”
Good Information regarding credit card debt. It is good idea to be have these type of credit card debt system. It would be very beneficial for me.
That is a very disturbing demonstration. Thank you.
@eugene680 I had credit cards, not sure what a checking account is… but now im like you.. £20 in my wallet with the same limit… and it feels good.
@eugene680 I had credit cards, not sure what a checking account is… but now im like you.. £20 in my wallet with the same limit… and it feels good.
He said 17% monthly rate when most cc are 17-20% annual.
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@stevenc323 Probably not the man is smart. He probably paid for an apartment or house cash down. No monthly payments , no interest. If he does , he probably knows how to pay it off without using a credit card. When you own a credit card , you are a slave to the bank.
@thedivekid78
not sure i understand.
Credit card wasn’t built to work, was built to take money from stupid people. they make us believe we have to buy what we don’t need, and cant be afforded. At the end, we have to work more hard to pay what we didn’t need, and pay 2 times more what we couldn’t afford. who you think have more valor for Credit card company, who pay everything in 6 months with no interest or who pay the minimum in 10 years? they are not here to help us.
@massarde9591 no your mistaken.. credit in the wrong hands can do the same to a person who is bad in making good decisions. i have shit loads of credit and cant afford to pay but i get offered credit all the time?? my partner earns more than me and has only one credit card and gets rejected for further credit all the time even though she has never not paid a bill. now u tell me… is this system working. i think not.
Just dont pay anything for 2 or 3 years.. call them up : they probably say that debt of 10k went yup to 20+k thats fine… tell them you are going to live in another country and that you have 2000 dollars either that or they get nothing.. they will accept… if they dont accept. Pay those 2000 dollars to a lawyer and go bankrupt you will be debt free and in 5-10 years credit scores will start to go up. Thumbs up if you agree.
The world is the way that is because we are ignorant. There is no bad banker or bad governments. What we have is stupid people.
why someone would do something stupid like this?
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very informative. However, the interest rate is 17% yearly, not monthly. And people shouldn’t just stop making payments. If you already have debt, it’s best to get credit counseling and find out the best option for you.
I hate this video hahaha
@blazinhomo I see….Thanks for answering.