The Hidden Costs of Debt: How Interest Rates Impact Your Financial Health
The average American owes about $6,000 in credit card debt. As a society, we have normalized debt, and many people owe far more. It’s easy to come to see your credit limit as money you have and can freely spend.
Debt has, though, significant costs that can impact your financial freedom. If you only ever pay off the minimum, then your debt will only build.