An 18% credit card is 1.5% interest per month.
If you owe $1,000 your interest will be at least $15 for the month. If your minimum payment is 4% you send in $40, of which $15 is interest. Next month your interest is figured on your new balance which is $975.
Do you see what I’m getting at? Don't be blind to the amount of money you're paying over and above what you actually used. Don't fall for their tricks.
More Debt Management
If you owe $1,000 your interest will be at least $15 for the month. If your minimum payment is 4% you send in $40, of which $15 is interest. Next month your interest is figured on your new balance which is $975.
Do you see what I’m getting at? Don't be blind to the amount of money you're paying over and above what you actually used. Don't fall for their tricks.
More Debt Management
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