Episode 04 | Why Minimum Payments Are a Trap - What Your Credit Card Statement Is Not Telling You cover art

Episode 04 | Why Minimum Payments Are a Trap - What Your Credit Card Statement Is Not Telling You

Episode 04 | Why Minimum Payments Are a Trap - What Your Credit Card Statement Is Not Telling You

Listen for free

View show details

Summary

If you have credit card debt, you are not irresponsible. You were almost certainly never properly taught how credit card interest actually works. This episode, Maya and Dr Linda turn that light on.

You will learn why the minimum payment is a retention strategy designed to keep you in debt, how compounding interest works in plain language, the three numbers on your statement that actually matter, and the avalanche and snowball methods for tackling multiple cards.

YOUR BABY STEP: Get every credit card statement. Write down three things for each card: balance, interest rate, minimum payment. Three columns. One piece of paper. See the full picture for the first time. Bring it to Episode 05.

Full show notes at lighterwithmaya.substack.com • Instagram @lighterwithmaya

adbl_web_anon_alc_button_suppression_c
No reviews yet
In the spirit of reconciliation, Audible acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today.