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Unit 4: Module 4 - M4 Assignment 1 Discussion
Assignment 1: Discussion—Managing Credit Card Debt Credit card debt is a reality for many of us in today’s world. Suppose you have a balance of $5,270.00 on a credit card with an annual percentage rate (APR) of 15%. Most credit cards require that you pay a minimum monthly payment of 2% of the balance. Based upon a balance of $5,270.00, the minimum monthly payment (assuming no other fees are being applied) will be $105.40. Of this amount, only $65.88 goes toward the principal and pays down what you owe. The remaining amount ($39.52) is the interest you pay to the credit card company. Therefore, if you pay only $105.40 a month, it will take you 28.2 years to pay off a debt of $5270.00. During that time, you will pay the credit card company $7,967.76 in interest! Understanding this basic fact of credit card debt is important for your future financial security. You can find details of the above calculations in the lecture material of this module. For this assignment, assume that you have a credit card from the hypothetical Big Bank. Pick an imaginary outstanding balance. Then, answer the following:
Write your initial response in a minimum of 200 words. Apply APA standards to citation of sources. By Saturday, March 14, 2015, post your response to the appropriate Discussion Area. Through Wednesday, March 18, 2015, review the postings of your peers and respond to at least two of them. Consider commenting on the following:
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