The Cost of Credit Card Debt

Most credit cards are written in such a way that the required minimum payment is usually somewhere between $25 or 3% of the, of the outstanding balance. If you think about someone who went to purchase something that cost $5,910 and they just start making the minimum payment until they get it paid off, they will actually over the life of that loan pay interest of $7,343. What if instead that minimum monthly payment was saved and invested for retirement? By the time that credit card was paid off, by the time you hit that 17 year mark, you would have $45,000 saved up. We're assuming you can earn 10% on that. So instead of paying off