Only Weird Old Doc White can relate Michael Jordan and Richard Petty to credit c

Question

Only Weird Old Doc White can relate Michael Jordan and Richard Petty to credit card payments. He told you about the Michael Jordan and Richard Petty Rules to help you understand: A. even rich/well-off celebrities can get themselves into trouble by mis-using credit cards. B. why making just the minimum monthly payments on credit cards is such a bad financial move. C. that 60-80% of professional athletes declare bankruptcy within 5 years of retiring from their sport. D. that the average American household has credit card balances large enough to purchase a NASCAR race car

Explanation / Answer

B. why making just the minimum monthly payments on credit cards is such a bad financial move

This is because It takes 23 years to pay off $2,000 and 43 years to pay off $5,000 if you only make minimum payments. Hence it is a long term burden and not a good option.

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