Starting this month, your credit card statement has to show how long it will take you to pay off the credit card balance by paying the minimum balalnce. On your statement you will now see the minimum payment amount and the number of months or years that it would take to pay off the balance.
This information was intended to help you see the bondage that a credit card is. If you see that it could take 6 years or more to pay off a $500 balance, you might begine to understand what a trap you are being led into.
If you saved $20 a month, you would have $480 in 2 years. The difference between saving up first and putting something on credit, is that you could pay for that item 2 or 3 times.
Use this information to your advantage and consider that you might have more motivation to save up for something that you want than motivation to pay for something you've already used up.
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