Credit Card Interest Explosion
19.99-23% vs 0.05% savings
Credit cards charge 20%+ interest while savings accounts pay 0.05%, a 400:1 spread. $5,000 in debt costs $1,000+ annually while $5,000 in savings earns $2.50.
The real cost
$1,300+ annually on average millennial credit card debt
How to not get wrecked
- 1Pay balances in full, every month
- 2Use balance transfer offers strategically
- 3Consider personal lines of credit (8-12%)
- 4Set up automatic payments above minimum
Related money drains
#11
Big Bank Fee Extraction
$250-$360/year
Big 6 banks charge $250–$360/year in fees while paying 0.05% on savings. You pay them to hold your money.
#12
Overdraft Trap
$45-$48 per NSF transaction
NSF fees of $45–$48 per transaction can trigger daily. Being broke costs extra.
#13
ATM Fees: Death by a Thousand Cuts
$4.77 per transaction
Out-of-network ATM fees average $4.77. A $20 withdrawal can cost $24.77.
Track your spending and plug these drains with Prosperi.