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Consider the following questions and prepare a report based upon your conclusions. This report must be submitted as a Word document. Your report should be created as a Word document, but you are encouraged to create graphs and charts which can be made in Excel and copied to the Word document to illustrate your points.
Most credit cards require that you pay a minimum monthly payment of two percent of the balance. Considering the minimum payment you just calculated, determine the amount of interest and the amount that was applied to reduce the principal.
Consider one of your credit cards. What is the balance? How is the minimum monthly payment determined? What would be the minimum payment? How much of the minimum payment goes towards interest?
How much of the minimum payment goes towards the principal? If you do not want to share an actual balance or do not have a credit card, calculate these amounts using an imaginary credit card balance.
Now, examine the terms of one of your credit cards or other revolving debt. Are there other charges that the credit card company is applying to your account? Are you receiving a special rate for a limited time? Does your card charge an annual service charge or an inactivity fee?
Examine a credit card bill or other revolving debt and see how long it will take to pay off your debt if you paid only the minimum payments you can also use an online calculator like the one at http: What steps could you take to pay off this credit card or debt sooner?
Determine the percentage of the principal that you need to pay down in order to pay off the credit card in the time frame of your choosing. Many Americans find themselves amassing large amounts of credit card or other revolving debt at an early age.
What advice concerning the use of credit cards and the fees they charge would you provide to a young adult planning on getting a credit card?
Try to write your report as a narrative that is, as newspaper or magazine article all the way until the end. Lastly, give your report a good title.Analysis of Credit Card Debt Denise Berry Argosy University online General Education Mathematics MAT A03 Instructor: Carolyn Gorczynski July 10, In the first bank card was introduced by a man name John Biggins from Brooklyn, NY.
This card was called “Charge-it”. When the card was used for purchases the bill first when to the . MagnifyMoney has the latest statistics on credit card debt in the U.S. — how much debt American consumers and households are carrying. Our analysis of the impact of Fed rate hikes found credit card rates are the most sensitive to Fed rate hikes, rising more than twice as fast as mortgage rates.
alphabetnyc.com» Education Center» Debt» Credit Card Debt» Useful Credit Card Debt Statistics.
Education Center. Buried by credit card debt? Are you buried in credit card debt? alphabetnyc.com can help negotiate with your creditors to lower your monthly payments so you can regain control. Free Debt Analysis Contact us at Sep 28, · Watch video · In the United States, more than 70 percent of households have at least one credit card, and as of 44 percent of American families held some amount of revolving credit card debt.
The U.K. And the average household that’s carrying credit card debt has a balance of $15, Households with any kind of debt owe $, (including mortgages), on average, the data analysis found. Credit card debt is a reality for many in today’s world.
Suppose that you had a $5, balance on a credit card with an annual percentage rate (APR) of percent. Consider the following questions and prepare a report based upon your conclusions.