Credit Card Debt Explained With a Glass of Water

http://www.totaldebtrelief.net uses a pitcher and a glass of water demonstrate the effects of minimum credit card payments. This video uses a simple analogy to describe how the average American…

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24 Responses

  1. Sanjeev Beekeeper says:
  2. zamolxes dacul says:

    Credit Card Debt Explained With a Glass of Water:
    http://youtu.be/Vz05A6cP6Iw

  3. Camilo P says:

    I thought the 17% percent interest was an annual fee not a per purchase fee

  4. oil man says:

    That’s how they Fuck ya, Never,ever make the Minimum payment. Pay it off
    each Month and there will be no Problem.

  5. Rose Desouza says:

    must see….dangerous card(credit card)SAY NO TO IT…

  6. Ben S says:

    lol. SO the key to this is to pay of your balance at the end of each month
    and ensure you can do so by not putting on a credit card what you don’t
    have in cash. If you do have a balance pay far more than the minimum
    payment and or find a card that doesn’t charge high interest. Credit cards
    are not evil but you have to be responsible. 

  7. Guillermo Alvarado says:

    

  8. Devious Devil says:

    Doing an MIT course problem set right now, and this course really helped me
    understand the problem.

  9. tracyhu9 says:
  10. Johnathon Allread says:

    Actually, as your balance goes down, so does your minimum payment. As far
    as 17% goes, it can vary. The story to this video is spot on. A credit
    card is a method of payment not a way to finance your lifestyle. Pay off
    your bill every month and you will never have to worry about interest.

  11. Teramaj Taklu says:

    Very help full and true information.

  12. Psalms 137-9 says:

    Say No to Credit Cards

  13. itsyoboyhollaatme says:

    Damn I am screwed. 

  14. justin bostick says:

    Oh fuck that shit u can keep your credit cards ill b happy using debit for
    the rest of my life

  15. Adam Yunker says:

    The only up side to it is if you make those payments every month you’d
    boost your credit score. But I’d rather boost that credit score with
    something that is going to make me more money so I’m making payments on a
    website for a business I’m doing and that business will make me money as
    when I’m consistently making those payments it’s boosting my credit
    score.That would be a better way to boost your credit score imo instead of
    those stupid credit builders that the bank offers by paying $100 or
    whatever a month.

  16. Miguel Ruiz says:

    Is this the same with car loans?

  17. Augusto Huertas says:

    I was paying my debt doing minimum payments for 2 years to my credit card
    company until a friend of mine explained to me what I was doing. His
    advise: STOP PAYING the credit card company in order to FORCE them to
    negotiate a lower interest rate. It damaged my credit and I couldn’t use my
    credit card (it was cancelled anyway) but after 6 months of not paying they
    agree to lower the interest rate from 24% to 6.5%. Now I am in my way to
    pay off my debt. The 6 months were kind of difficult, I received a lots of
    calls and threatening letters but it is manageable, it is legal and totally
    worthy.

  18. Morahman7vnNo2 says:

    But I’m not being charged any interest.

  19. justin bostick says:

    Oooooh noooo f*** that

  20. Connor Wagner says:

    17% of 9,858 is $1,675. I’m confused how you go from 9,858 to 9,999?

  21. videoknife says:

    Thank Mr. Rothschild! But the key to credit card debt is this: First, never
    use credit for something you can’t afford to write a check for.Too many
    people buy things they don’t need and can’t really afford to have, so they
    get in this trap. Go without it! But if you are already trapped, then you
    will have to sacrifice to get out (No other way). Example, you owe $1,200
    now, yet you also have $1,200 in the bank. Well, to avoid the interest
    trap, you must take the cash or find the cash and pay off the whole debt in
    full. Now instead of making payments and interest payments you begin to put
    the money back in the bank monthly! I mean, if you now put $120 back in the
    bank monthly for 12 months, at the end of the year you would have $1200
    again, PLUS NO DEBT! It took you 12 months to recoup the money and you
    avoided future interest, as opposed to many years of payments and interest.
    But you will have to live without using the $1200. Get it?

  22. Sirad Hanad says:

    I noticed a lot of people how much they don’t know about math. Wake up
    people and learn the basic math. Many of them are in denial. 

  23. Tyler Meers says:

    I spend what money I’ve earned, if I can’t afford it I don’t buy it. This
    stupid ad is completely incorrect though.

  24. Emerson Herndon says:

    Why do people use credit cards again?

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