How much do you pay for convenience? When you put a purchase on your credit card, you may think that’s the easiest, most convenient way to pay. But think again. The interest that you could end up owing on that credit card could be a lot more than you originally thought!
You end up paying hard-earned money just for the convenience of saying “charge it." That’s why it’s so important to build up savings for purchases and avoid The Cost of Convenience.
$1000 on credit.
Interest in 1 year approx. $170
Interest in 3 years approx. $414
Interest in 5 year approx. $550
You would have paid back approx. $1550 in this hypothetical example in less than 6 years.
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