Ramit Sethi talks with someone carrying $87.5k across seven credit cards, including Best Buy and Home Depot. The guest missed a 12-month 0% promotional period and got hit with backdated interest. Shame kept them from calling the card issuers for help.
June 14, 2023.
Seven.
They missed a payment and the issuer backdated all the interest.
The credit card debt is huge and.
We have like Best Buy. Don't even tell me. Let me guess. 12 months, 0%. You missed a payment and they backdated all the interest and now you had to pay it all. Did I get that right?
You just kept using the card. That's the problem.
And how much debt is on that Best Buy card now?
It's like maxed out probably.
Yeah, but you know the Home Depot one?
Don't ask why we have Home Depot. I have Capital One, Citibank have to chase credit cards. Yeah, I have like seven.
Why?
I don't know. And I was like always like, oh, I should call them. And I never did call cuz I think I, I feel embarrassed.
You, you feel embarrassed to call bank of America? But you're on this podcast.
I know.
