Nicole Lapin
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Appearances Over Time
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We're six and a quarter percent.
Again, that calculation that we did around the 5% is more like 6%, maybe 7% in today's interest rate environments.
And credit card debt, bad debt, right?
Credit card debt that I got into was 24%.
So right now, new credit issues are coming in at 22%, 24%.
You miss payments, you're up to 30%.
And if you don't know, you don't have...
perspective, 24% amazing compared to what?
You don't know.
Yeah.
So APR is the interest rate that you pay.
APY is what you get at the bank.
What you get at the bank typically is much lower than what you're paying on a credit card.
And that
That type of debt is what can snowball out of control.
The biggest issue with that type of debt is the minimum payment.
It's not even necessarily the rate.
If you can understand what that rate is or pay it off on time, but the minimum payment thing is what's keeping a lot of people stuck.
It kept me stuck.
I thought, okay, I'm paying the minimum payment.