return2ozma@lemmy.world to News@lemmy.world · 5 days agoEven Top Earners Are Falling Behind on Credit Card and Car Paymentswww.bloomberg.comexternal-linkmessage-square35linkfedilinkarrow-up11arrow-down10
arrow-up11arrow-down1external-linkEven Top Earners Are Falling Behind on Credit Card and Car Paymentswww.bloomberg.comreturn2ozma@lemmy.world to News@lemmy.world · 5 days agomessage-square35linkfedilink
minus-square3abas@lemmy.worldlinkfedilinkarrow-up0·4 days agoThat’s how it works in the US if you’re financially responsible. If not, you pay the minimum payment which is financing the remaining balance at extortionate rates that amount to never paying off the debt.
minus-squareHasturInYellow@lemmy.worldlinkfedilinkarrow-up0·4 days agoAnd you are incentivised and/or tricked into paying only the minimum payment to ensure that you go into debt. That’s the whole point of a credit card: to enslave people via debt. The bank WOULD NOT HAVE CREATED IT FOR ANY OTHER REASON.
That’s how it works in the US if you’re financially responsible. If not, you pay the minimum payment which is financing the remaining balance at extortionate rates that amount to never paying off the debt.
And you are incentivised and/or tricked into paying only the minimum payment to ensure that you go into debt.
That’s the whole point of a credit card: to enslave people via debt.
The bank WOULD NOT HAVE CREATED IT FOR ANY OTHER REASON.