credit cards

A friend called me the other day in a panic because he suddenly realised he owed more than $2,000 on his credit card and had no way of paying it off in a reasonable fashion. “You work in finance,” he said, “what am I supposed to do now?” First I made him do the calculations to see how much interest he would pay on that $2,000. He’d blown it on dinners, drinks, and a new smartphone he didn’t need, and…