Consumer Reports – September 26, 2016
David Schneider was recently featured in a Consumer Reports article on credit card debt.
In the article he warns that “One of the most common mistakes consumers make is to see a new credit limit as an asset,” and states that “A new $5,000 credit limit is not an asset, it’s a potential $5,000 liability.” He also adds “Being charged interest at a double-digit rate is a killer,” and says that with respect to high interest credit card debt, “Paying it off is the same as earning a double-digit rate of return.”
Read more: Consumer Reports
