The chart above looks at paying off a credit card balance and assumes you will...
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The chart above looks at paying off a credit card balance and assumes you will not be using it while paying it down. in these minimum payment examples the balance decreases by only 1% each month. most of us will use credit cards throughout the year, and that means we make carry a balance past the grace period. assuming you were trying to pay off the balance while still using the card, what actions must you take?
Number of Total Interest Creditcard- T interest-Rate Balance Minimum/Fixed Payment Months to Pay in Paid Full impact of Interest Rates 13% Minimum (interest+ 1% of balance) Minimum (interest+ 1% of balance) $5,000 26 4,938.46 $5,000 18% 2.73 ,923.09 Impact of Payment Amounts $2,000 15% Minimumm (interest+ 1% of balance) 175 H1,479. 20 $2,000 15% | Fixed $100 2 4 315. 89
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