What extreme interest rate does the speaker mention being offered?

Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

How to Avoid The Danger of High Interest Credit Cards

30 Jul 2024 · 1 min

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Ndubuisi 'Andy' Egwim warns about the dangers of very high-interest credit cards (one example cited at 100% APR), calling such offers problematic and advising listeners to focus on paying down debt rather than taking on new high-cost credit. He notes some people borrow to impress others (buying new cars, watches) and suggests high-rate cards might be usable only if one can pay the balance in full immediately.

Questions this video answers

100% (the speaker says a credit card was offered that charges 100% in interest).

Chapters

If I've got money, I borrowed as interest rate, some of the credit cards, I was offered them a credit card for my business that charges 100% in interest. And I think this is criminal, it shouldn't be existing, but I can use it because I can use it for my business and then pay back in full. I don't think it's for everybody, but focusing on paying down debt is really quite important and not taking on more like. Unfortunately, people go into debt to impress people who don't really care about them so that they can buy a brand new car, they can buy some fancy, you know, watch.