AsianTom.com

You’ve probably heard of Robert Kiyosaki’s book, “Rich Dad Poor Dad”. This is my story of rich brother poor brother. I have a brother who grew up with me. We grew up in the same environment with the same kind of teachings about money yet, my brother was able to run up a huge credit card debt in college.

How could this happen? Credit card debt is very easy to run up with you’re not paying attention. This happens very easily when you’re in college. A common weekend could easily put $100 on the card. Dinner, movies and some drinking and $100 is gone. Add some shopping to the mix and $500 is very easy to accumulate this per month. Paying a minimum fee you, you can see how after just one year you can see that your credit card debt can be in the thousands.

My brother has since paid off this debt and on his way to financial freedom. A recent article in Money magazine stated that the average college graduate has $4,000 in credit card debt. Paying $100 per month on the average 18% interest rate, it would take 291 months to pay off just $4,000. You will have also paid $5,615.32 in interest at the same time. This is why the credit card companies target college students.