Video Credit- Snyder Reports YouTube, 2024
I have been in credit card debt, and it was no joke. It took overtime and over a year to clear my thousands of dollars in debt, and at the time it was depressing to see my hard earned money fly down a black hole of my creation. I have used credit cards when I was unemployed, in medical debt and to pay for insurance. It wasn't like I was splurging as those in credit card debt are often portrayed. I was stuck between a rock and a hard spot.
My credit card debt debacle happened in 2013, and my interest rate was approximately 9% APR. Today, the average credit card interest rate is closer to 21%, which I cannot believe. I checked my card, and it's at 19% APR currently, so I believe that. Terrible usury that should be illegal.
Stay out of credit card debt. It's a trap that's hard to get out of.
Please take heed and take on a part time job if you have to. Paying the minimum payment will keep you enslaved to a predatory system designed to bleed you dry.