79.9% APR – Will You Cut Up Your Credit Cards Now?

Okay folks, I’ve talked before about cutting up your credit cards. If you were unsure about doing that before maybe you should read this article. If that doesn’t make you cut them up than I don’t know what will. I mean really…79.9%. What’s up with that?

I don’t know how to figure APR on a credit card balance but something tells me if you had a $500 balance you will have to pay somewhere around $400 in interest payments per month year**. Yikes!! If someone knows how to figure that out, please comment the correct amount. I would love to know exactly how much interest you would be paying.

**Update: Check out Kristie’s comment on this post. She breaks it all down and the numbers are crazy. Thanks Kristie and good luck with your debt snowball.

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