CREDIT CARD INTEREST COSTS: IDIOTIC INFORMATION ON THE STATEMENT

Received my credit card statement the other day. I was randomly scanning it when I came across some amazing information – really! This is what it said in some smaller print in the middle of the page, obviously trying to be helpful:

If you make no additional charges and each month you pay only the minimum amount, you will pay off the Closing Balance…in about…60 years.  And you will end up paying estimated total interest charges of $27,426.94.

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