Gates Little, president and CEO of The Southern Bank Company, says credit card debt can last decades.
"Say you owe $10,848 at 24.37 percent interest," he said. "Even if you stop using your credit card today and pay $250 each month, it will take you almost nine years to pay down your balance, and you'll pay $15,644.03 in interest alone, for a total of $26,492.03 — more than double what you initially spent."
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.
