Cons30 S Income And Debt Credit Cards
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Cons30 S Income And Debt Credit Cards

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Cons30 S Income And Debt Credit Cards Cons30 S Income And Debt Credit Cards Document Transcript

  • CREDIT CARDS
  • CREDIT CARDS ARE A METHOD TO MAKE PURCHASES  AND quot;PAY LATER.quot; BENEFITS DRAWBACKS
  • Most people take credit cards for granted and  DON'T make the required monthly payment by  the due date and end up paying LOTS of $ in  INTEREST. The BOTTOM LINE is when you use your credit card, you have around 3 weeks or so to pay off the ENTIRE BALANCE or you will be charged INTEREST on how much is left.
  • Credit card INTEREST RATES are ANNUAL,  and are usually between 15% and 28%, which is  VERY LARGE.
  • How credit card companies lure you in is they only  require you to make MINIMUM MONTHLY  PAYMENTS, which are only a small portion of what  you owe on the card.
  • EX If the annual rate for a credit card is 19%,  what is the daily rate?
  • EX If the daily rate is 0.049%, what is the  annual rate?
  • EX You buy a blu­ray player for $400 on your  credit card on Jan.5.  It appears on your Jan.20  statement in the mail but you don't pay it.  The  next statement is Feb.20.  Calculate the interest  you'll have to pay if the annual rate is 21%.
  • HOMEWORK pg.24; #1­7