Credit Card Debt Explained For UAE Residents With A Bottle Of Water
Credit card debt is like a spiraling snowball which over time can become dangerous and disastrous, if you stick to ‘monthly minimum payments‘. Yeah, making only minimum payments on your credit card month on month can take ages to repay your credit card debt. The minimum payment cannot offset the interest that is accumulated every month on your outstanding credit card balance.
Banks in UAE offer the convenience of making minimum payments on your credit cards but it is up to you to decide whether you want to be burdened by credit card debt or live a normal happy life with finances well under control.
Here is a video which explains how credit card debt keeps on increasing if you only make minimum payments on your credit card. The narrator uses a bottle of water to explain credit card debt which I think everyone should be able to not only understand but also take steps to never fall into a credit card debt spiral.
The narrator uses dollars and interest rates relevant to US finance market but the analogy is same whether it is US or Middle East. All you have to do is change dollars to AED and apply interest rates offered by credit card companies in UAE.
Credit Card Debt Explained With A Glass Of Water
Was this video useful? Please share if you did. It is not worth struggling with debt. It affects not only our personal and but also our professional life.