Personal Finance

Spend less than you earn, invest the rest

Novice

Mastery0%

Novice

Note. Education, not financial advice. Tax rules, regulations and product specifics change, for real money decisions, talk to a SEBI-registered advisor whose incentives don't depend on selling you a product.

Concept 18 of 19

settled

Credit card debt math

At 42 percent APR, an unpaid 1 lakh becomes 2 lakh in under 2 years if you only pay minimums.

Definition

The compounding cost of carrying balances on credit cards, where typical Indian APRs of 36 to 48 percent silently consume household wealth.

Step 1

Predict first

In one or two sentences, what do you think this concept means? Wrong is fine; the small struggle is what makes the answer stick.