“There’s this wild disconnect between what people are experiencing and what economists are experiencing,” says Nikki Cimino, a recruiter in Denver.

  • Cryophilia@lemmy.world
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    8 months ago

    Pretty sure every cc has the minimum payment higher than the interest. If you just stop buying shit you’ll pay it off eventually, even if you can only afford the minimum payment. The balance can’t grow unless you’re still buying shit.

    • Patches@sh.itjust.works
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      8 months ago

      They codified that so yes you will pay it off eventually. It will no longer continue to grow forever. However it will take an excessively long amount of time. Like taking a 30-year mortgage to buy a bag of fuckin McDonalds.

      For example the couple above, 62 and 65, will almost assuredly be dead by the time they pay it off at minimum payment.