UK: £1 A Week Earns 14 Years Of Freedom
Elizabeth Davidson reports for The Scotsman on how paying just one pound more per week above the minimum credit card repayment will bring "financial freedom" almost 14 years earlier.
Those who make just the minimum repayment on the typical credit card debt would take nearly 32 years to repay their borrowing. Yet 3.4 million credit cardholders in the UK regularly do so - and could save £4.2 billion by paying an extra pound a week to their credit card bills.The research also found that the difference between a minimum repayment of 2 per cent of debt and 3 per cent meant that borrowers would fork out more than double in interest, with the balance taking almost twice as long to repay.
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