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27d • Andre Gems!💎
🚨 The Hidden Cost of High Interest Loans 🚨
🚨 The Hidden Cost of High Interest Loans 🚨
This borrower took out a $20,000 loan at 31.65% interest.
So far they’ve paid:
💸 $7,485 in interest💸 Only $2,526 toward the actual balance
And they still owe…
😳 $17,473
Why?
Because most loans are front loaded. Your early payments mostly go toward interest, not reducing the debt.
Lesson:
Don’t focus on the monthly payment.
Focus on:✅ Interest rate✅ Total repayment amount✅ How much goes toward principal
Just because you’re approved doesn’t mean it’s a good deal.
Always know the true cost before signing.
Have you ever had a loan where the balance barely moved even after months of payments? 👇🏾 #CreditSkool #FinancialLiteracy #DebtFreeJourney
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🚨 The Hidden Cost of High Interest Loans 🚨
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