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💳 How Credit Cards Keep You Poor Forever: The Minimum Payment Trap

$10,000 balance @ 22% APR
Pay minimum for 30 years
Total paid: $28,000

This isn't an accident. This is the business model.

⏱️ TIMESTAMPS:
0:00 - The $5 Coffee That Costs $10
2:30 - How Credit Cards Actually Work
5:15 - The Minimum Payment Trap (Real Math)
8:00 - Compound Interest Against You
10:30 - How The Wealthy Use Cards Differently
13:00 - How To Escape

📊 THE TRAP:

$10,000 balance @ 22% APR, $250 minimum payment:
First payment: $183 goes to interest, only $67 to principal
Payoff time: 30+ years
Total paid: $28,000 (for $10K borrowed)

Average American: $6,000 debt @ 22% APR
Banks profit 70% from interest, 30% from fees
Credit card spending vs cash: 47% more
$600/year in interest = $100K lost wealth over 30 years

🎯 HOW THE WEALTHY USE CARDS:

✓ Pay in full every month (NEVER pay interest)
✓ Use for rewards only (2% cash back)
✓ Fraud protection + purchase protection
✓ Build credit without carrying debt

They use banks' money for free. You pay 22% to borrow it.

🔓 HOW TO ESCAPE:

1. Stop using cards immediately
2. Pay more than minimum (even $50 extra helps)
3. Avalanche method (highest APR first) OR Snowball (smallest balance first)
4. No new debt while paying off
5. Build $500 emergency fund
6. Never carry balance again

📚 TAGS: credit card debt, minimum payment trap, how to pay off debt, debt free, compound interest, APR explained, debt payoff strategies, financial freedom, get out of debt, credit card tips, paying off credit cards, debt snowball, debt avalanche, credit score, personal finance, money tips

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⚠️ DISCLAIMER: Educational purposes only. Not financial advice.

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