It’s to your credit to read the fine print
When using credit cards for quick personal loans beware of the fine print!
Card loans may offer reduced interest rates, but missed payments can result in interest rates reverting to the card’s higher rate. Credit card balances can quickly blow out and take years to pay off.
Let’s do the maths:
- Card balance: $5,000
- Interest rate: 18%
- No fees or further purchases
By paying the minimum monthly amount ($102 then decreasing), it would take 33 years to pay off at a total cost of $17,181 (including $12,181 interest)!
For more information or to speak to one of our Financial Advisers please contact TNR Wealth Management on 02 6621 8544.
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