at record highs. 19% for a typical credit card, up to 30% for a store card. if you put $2,000 on a typical credit card, you only pay the minimum balance, at 19%, it would take more than 12 years to pay it off and you would have more than $3,200 in interest on that $2,000. more interest than the initial spend. way more than interest than the initial spend. on a store card, it s even worse. i think that where you re seeing the higher interest rates really working through the economy are places like that and that s where people have to really be careful. i think kaitlan makes the point, which is the medicine is not working enough. the fed medicine on interest rates is not working. so does the fed have to raise interest rates, raise it to 5%, the target rate. do they raise it as goldman sac suggested closer to 6%. that means higher rates for longer in the economy. and we don t even know if it would work. higher rates is something tlael people in working families feel. meanwhile
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execution. you mentioned the buy now pay later. yeah. i m really concerned about that. that s a higher share of the sales. which is fine if it s zero percent interest. but don t fall behind on the payments or you get hurt. the store credit cards, apr, 29% on some of these. so sure you get a deal when you open the store card. you must pay it off, or the discount is eaten up in two months with the higher interest. we heard a few months ago jamie dimon head of j.p. morgan said there s a hurricane coming. and tomorrow we have brian moy happ from bank of america. great. they see what you re doing in your bank account. the jobs picture is right we have a robust job market.
those the pay days? they re doing a lot more buy now, pay later. which can be great on zero percent interest but you must pay it off on time or you will really get hurt. they re also using more credit cards, credit card interest rates, especially store cards, you guys, store card aprs are a record high. i want to strcream this from th rooftops, some are 29%. if you get 25% off and don t pay it off right away you will get hurt. it is a financial tragedy. be careful about charging it, folks. 29%, is that legal? is 29% is it legal to charge that much interest? you have to look. some of these cards record high for some of those store cards. you know, in many cases if you are juggling three or four of those that s a real sign of financial weakness. it s a real danger sign. always read the dine print. exactly. i wanted to note supply chain issues seemed to be resolved and eased up a bit here. it s interesting, electronics, apparel, toys,