Today, Seth Godin wrote this blog post about what it would look like if someone put a $7 charge on a credit card every day and didn’t pay it off, with an 18% interest rate, over the course of 30 years. He even made it so you didn’t have to pay any interest the first year — you know, one of those 0% APR deals for the first year. Here’s a visualization of what the debt would like. In blue is the actual amount of money borrowed from the credit card company. In red is how much money is owed. The actual amount borrowed over 30 years? $76,650 And the total amount owed to the credit card company? $1,269,812. Oh…
