Upcoming SlideShare
×

Like this document? Why not share!

# ESSENTIALS Campus2006 text

## on May 04, 2010

• 538 views

### Views

Total Views
538
Views on SlideShare
538
Embed Views
0

Likes
0
4
0

No embeds

### Report content

• Comment goes here.
Are you sure you want to

## ESSENTIALS Campus2006 textDocument Transcript

• The ABCs of Credit Card Finance Essential Facts for Students Carol A. Carolan, Ph.D. Carol A. Carolan, Ph.D.
• HOW LONG AND HOW MUCH DO I HAVE TO PAY? Use the following chart to find your payoff time and total payoff amount for credit card balances ranging from \$500 - \$10,000 with APRs from 12% - 20%. Calculations are based on making a minimum monthly payment of 2% of the outstanding balance or a payment of \$20, whichever is greater. This chart assumes discontinued use of your credit card. CARD 12% 14% 16% 18% 20% BALANCE PAYOUT YEARS PAYOUT YEARS PAYOUT YEARS PAYOUT YEARS PAYOUT YEARS \$500 \$578 2.4 \$595 2.5 \$612 2.6 \$631 2.7 \$652 2.8 \$1,000 \$1,393 5.8 \$1,510 6.3 \$1,659 6.9 \$1,862 7.8 \$2,168 9.1 \$2,000 \$3,393 11.6 \$3,910 13.3 \$4,659 15.6 \$5,862 19.3 \$8,168 26.3 \$3,000 \$5,393 14.9 \$6,310 17.3 \$7,659 20.7 \$9,862 26.1 \$14,168 36.5 \$4,000 \$7,393 17.3 \$8,710 20.2 \$10,659 24.3 \$13,862 30.8 \$20,168 43.7 \$6,000 \$11,393 20.7 \$13,510 24.2 \$16,659 29.3 \$21,862 37.6 \$32,168 50+ \$8,000 \$15,393 23.1 \$18,310 27.0 \$22,659 32.8 \$29,862 42.3 \$44,168 50+ \$10,000 \$19,393 24.9 \$23,110 29.3 \$28,659 35.7 \$37,862 46.1 \$56,168 50+ \$10 EXTRA - PAY OFF YOUR BALANCE FASTER The following chart illustrates how you can significantly reduce the time and total cost required to pay off your credit card debt. This is achieved by simply adding \$10 to the minimum monthly payment described above. This chart assumes discontinued use of your credit card. CARD 12% 14% 16% 18% 20% BALANCE PAYOUT YEARS PAYOUT YEARS PAYOUT YEARS PAYOUT YEARS PAYOUT YEARS \$500 \$550 1.6 \$559 1.6 \$569 1.6 \$580 1.7 \$591 1.7 \$1,000 \$1,223 3.4 \$1,274 3.6 \$1,331 3.8 \$1,397 3.9 \$1,472 4.2 \$2,000 \$2,819 6.8 \$3,047 7.3 \$3,325 7.9 \$3,675 8.7 \$4,130 9.7 \$3,000 \$4,533 9.2 \$4,992 10.0 \$5,574 11.1 \$6,339 12.4 \$7,400 14.3 \$4,000 \$6,311 11.0 \$7,035 12.2 \$7,974 13.6 \$9,248 15.4 \$11,092 18.1 \$6,000 \$9,976 13.8 \$11,290 15.4 \$13,047 17.4 \$15,526 20.3 \$19,328 24.3 \$8,000 \$13,726 15.9 \$15,680 17.8 \$18,340 20.3 \$22,191 23.9 \$28,323 29.4 \$10,000 \$17,526 17.6 \$20,151 19.8 \$23,768 22.8 \$29,100 27.0 \$37,821 33.6 The ABCs Of Credit Card Finance
• 2006 View slide
• Essential Facts for Students CONTENTS How Long and How Much Do I Have to Pay? ........................... Front Inside Cover Introduction .................................................................................................... 1 Planning a Budget .......................................................................................... 2 Essential Information ...................................................................................... 3 Credit Card Costs ......................................................................................... 3 How to Choose the Best Credit Card ............................................................. 5 Dos and Don’ts Once You Have a Credit Card .............................................. 6 There is Always a Solution ............................................................................. 7 Credit Reports & Credit Scores ..................................................................... 8 Consequences of Irresponsible Credit Card Use ........................................... 8 Identity Theft ................................................................................................... 9 For More Information on Credit Cards ........................................................... 10 Glossary of Important Terms ................................................. Back Inside Cover The ABCs Of Credit Card Finance View slide