Essay On Credit Card Debt
Analysis of Credit Card Debt
UNKNOWN - - - - - -
- - - - - - University online
MAT109 A01
Introduction Credit card debt is one big struggle in America. This is due to poor income, divorce settlements, unemployment and even gambling. Don’t have any health care benefits? In need to go to the doctor? If yes, then there is a medical bill coming your way. Taking out loans and borrowing money creates more debt if you can 't pay it in on time. Many debt collectors need to be consolidated and it all starts out with you. Debt collectors should be consolidated because the economy is in terrible need.
Calculations Let’s say for instance, if I had a balance of $5,270.00 on my credit card with an (APR) annual percentage rate of 15.53 percent. Most credit cards may require you to pay a 2% monthly minimum worth the balance. Based upon a balance of 5,270.00, I will multiply the 2%, which will equal a minimum monthly payment of $105.40. And with a 15.53 percentage rate; we will multiply 5,270.00*.1553, which equals out to $818.43. Therefore we take $818.43 and divide it by 12 months per year, which equals a monthly interest total of $68.20. Finally, we’ve calculated a total of $105.40 per month, therefore only $37.20 will be applied to the principle.
Analysis …show more content…
Finances are one big problem in America and paying off bills. Life always comes with a price tag and we have to be the able bodies to put effort in paying it. If we take time out to stop all the annoying spending then we can make a thousand dollars worth of living. We all can pay our debts if we try harder to get there. We all don’t live these celebrity lives, but they’re people just like me and you. If they can do it, then I know you can do it. Work hard, play hard and you will be debt free. The beginning, the sacrifice only starts out with
UNKNOWN - - - - - -
- - - - - - University online
MAT109 A01
Introduction Credit card debt is one big struggle in America. This is due to poor income, divorce settlements, unemployment and even gambling. Don’t have any health care benefits? In need to go to the doctor? If yes, then there is a medical bill coming your way. Taking out loans and borrowing money creates more debt if you can 't pay it in on time. Many debt collectors need to be consolidated and it all starts out with you. Debt collectors should be consolidated because the economy is in terrible need.
Calculations Let’s say for instance, if I had a balance of $5,270.00 on my credit card with an (APR) annual percentage rate of 15.53 percent. Most credit cards may require you to pay a 2% monthly minimum worth the balance. Based upon a balance of 5,270.00, I will multiply the 2%, which will equal a minimum monthly payment of $105.40. And with a 15.53 percentage rate; we will multiply 5,270.00*.1553, which equals out to $818.43. Therefore we take $818.43 and divide it by 12 months per year, which equals a monthly interest total of $68.20. Finally, we’ve calculated a total of $105.40 per month, therefore only $37.20 will be applied to the principle.
Analysis …show more content…
Finances are one big problem in America and paying off bills. Life always comes with a price tag and we have to be the able bodies to put effort in paying it. If we take time out to stop all the annoying spending then we can make a thousand dollars worth of living. We all can pay our debts if we try harder to get there. We all don’t live these celebrity lives, but they’re people just like me and you. If they can do it, then I know you can do it. Work hard, play hard and you will be debt free. The beginning, the sacrifice only starts out with