Origins of “Stupid Debt”
Stupid debt doesn’t usually start out stupid. In the beginning, it is simply a matter of convenience. You pay the entire balance during the grace period. Then one month the balance is a little larger than can be easily paid, so you pay half and plan to pay the balance next month. But then something comes up and it appears to make sense to let it roll over into the next month. Soon you’re hooked with a balance too large to pay in full in a single month, and you’re on your way. The water started boiling and you were completely unaware.
— Mary Hunt, Debt-Proof Living
