One trip to your local grocery store, you will most likely feel the impact of this economic disgrace. Prices have risen on everything from a loaf of bread to a snickers snack bar. One thing some consumers seem to neglect is the APR of their credit cards. APR(annual percentage rate) or whichever acronym being used is basically the yearly interest that you pay on credit cards, loans and mortgages.
These rates vary from cards to cards, companies to companies but they are basically punching big openings in your backside. Consider this example…. If you have a credit card balance of $2500.00 with company ABC that has an APR of 24.xx%. You are paying around $600 annually on that one card. About $725 if your rate is around 29%. If you are paying a minimum of $60.00, only about $10 goes to that $2500.00
If you have about 4 cards, that is like throwing $200.00, $241 respectively away every month…. Think twice before pulling that knife and use it…
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Originally Posted by eztek
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