Credit Cards
I once had a neighbour who bought something extravagant and told me it had just gone on the 'plastic', probably not realising what that would cost.
If you owe $1000 and just pay off the 3% minimum AFTER they've added 2% interest each month, it would take 13 years and 4 months and the total paid would be $2478.68
Calculations attached. Assumes 24% p.a. and must pay at least $10 each month.
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