The reason credit companies charge high-interest rates is to protect themselves in case the cardholder defaults or racks up too much debt that they can't afford to repay. The APR on a credit card could be as high as 30%, whereas an APR on a mortgage could be as low as 3%. Why is it important to pay off credit card debt?Ĭredit card companies generally charge a much higher interest rate compared to other types of loans such as your home mortgage, car loan, or student loan. You can also use the credit card payoff calculator with amortization if you want to pay off your debt earlier by making an extra payment each month or calculating by desired payoff year. Use the credit card interest calculator to get a credit card amortization schedule and see exactly how much interest you will be paying and how long it will take you to pay off your credit card debt. Credit card interest is high, the sooner that you pay off your credit card, the more interest money you can save.
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