Credit Card Rescue

di Jonathan Cole Matthews (Autore)

Cobbo Publishing LLC, 2025

This audiobook is narrated by a digital voice. Credit card debt has become one of the most pervasive financial challenges facing Americans today. With the average household carrying over eight thousand dollars in credit card debt, millions of people find themselves trapped in a cycle of minimum payments, compound interest, and mounting financial stress. The convenience and accessibility of credit cards, while beneficial when used responsibly, can quickly transform from a financial tool into a significant burden that affects every aspect of one's life. The psychology behind credit card spending is complex and often misunderstood. Unlike cash transactions, which create an immediate and tangible sense of loss, credit card purchases feel abstract and disconnected from real money. This psychological distance, known as the "pain of payment" reduction, makes it easier to overspend without fully grasping the long-term consequences. Retailers and credit card companies understand this phenomenon well, which is why they actively promote credit card usage through rewards programs, cashback incentives, and convenient payment options. The mathematical reality of credit card debt is sobering. Consider a typical scenario where someone carries a five-thousand-dollar balance on a card with an eighteen percent annual percentage rate. Making only the minimum payment of approximately one hundred dollars per month, it would take over six years to pay off the debt, with total interest payments exceeding two thousand dollars. This means paying nearly forty percent more than the original amount borrowed, transforming a manageable purchase into a long-term financial obligation.

• Autore: Jonathan Cole Matthews
• Anno edizione: 2025
• Editore: Cobbo Publishing LLC
• Lingua: Inglese
• EAN: 9798318329739