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Discussion: What is the credit treadmill and are you on it?
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brjjbis |
What is the credit treadmill and are you on it?
Mar 26 2008, 1:14 PM EDT
Many people are in denial about their debt situations. They think everything is fine because they are current with their minimum payments. For most it may take years to realize they are stuck in a very financially devastating situation. The credit treadmill is exactly where the creditors want people. They want you to stay on their minimum payment scheme, paying high interest or even lower to moderate interest for decades. All the while you are losing thousands to tens of thousands over time. Many people will end up paying 5 times the original balance when they finally after what could be 30 years pay off their balance. This vicious cycle is the credit treadmill, in which millions of Americans are trapped and do not have any clue to it. Are you in this situation and do you know how to break free and get off the treadmill?
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