Ah! This is a painful subject to talk about, for those who have suffered through this, know of its real expense on one’s financial resources.
The day that my first credit card arrived at my doorstep, I was ecstatic. The limit was ₹1,00,000, and my monthly expenses would be covered in a fraction of this amount. I had A LOT of money to finally buy things I never could and so I went on a shopping spree. I just kept paying the minimum amount due (MAD).
This continued for a few months, and the interest kept accruing. I did not pay much heed to that, and little did I know how much would the amount add up to after interests.
about 2 months ago