I personally pay mine off every month, but I am more fortunate than many. I think a lot of people fall behind on their bills.
People have to prioritize rent and utilities every month just to stay off the streets. Then food, healthcare, and other essential expenses need to be taken care of. Anything that can’t be paid for out of pocket goes on the credit card, and since you only need to make a minimum payment on a credit card, a lot of people will do that to keep their heads above water until next month rolls around.
It’s a vicious cycle and once that interest gets added in you are really only paying down the interest and not reducing the principal.
I personally pay mine off every month, but I am more fortunate than many. I think a lot of people fall behind on their bills.
People have to prioritize rent and utilities every month just to stay off the streets. Then food, healthcare, and other essential expenses need to be taken care of. Anything that can’t be paid for out of pocket goes on the credit card, and since you only need to make a minimum payment on a credit card, a lot of people will do that to keep their heads above water until next month rolls around.
It’s a vicious cycle and once that interest gets added in you are really only paying down the interest and not reducing the principal.