Analysis of Credit Card Debt Essay
Analysis of credit card debt pg.1
Based upon a balance of 5,270.00 on an APR of 15.53% the calculation is as follows per US BANK: $256.85 per month will pay off your credit card in 24 months.
To pay off your credit card balance of $5,270 in 24 months you need to pay $256.85 per month. This includes your additional monthly purchases of $0 and your major purchases. This …show more content…
Analysis of credit card debt pg.3 credit cards and loans alike, will be able to pay their debt a lot quicker. This specific card that I have charges an annual fee of $79.00. They call it a membership fee. There was no special rate applied to this card. The 22.9% will stay that way, but the credit line could increase in the future based on good payment history. The $79.00membershipe fee applies, even if the card is not used during the time you have it.
Let’s say I had a credit card with a $1,000.00 credit limit and my APR was 25%. Let’s say I maxed it out