APR balance transfers- Does it benefit you financially?
IMO it is. Your score may suffer a initially ding, but you may s
IMO it is. Your score may suffer a initially ding, but you may see improvement in it within six months time as it would minimise outstanding balance.
and be sure to hammer it hard and pay it off before your 0% rate
and be sure to hammer it hard and pay it off before your 0% rate is over and do not use anymore cards! my mother n law is a accountant and she paid off close to 20,000 in no time by using 0% apr cards just transfering them about every year(when the 0% expired shed find a new 0% card). she swears by it but you must stick to a plan and dont use them anylonger!
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practical business math procidure
I have credit that uses avarage daily balance, during april 07 a 30 days month. I have unpaid balance of $ 445.12 for 18 days and unpaid balance of $ 221.38 for 12 days. calculate avarage daily balance for april 07.
Late credit card payments
Relative owes credit card balance of $4000.00. Was recently contacted by the company. Apparently her interest is 29%. They suggest she make 2 payments of $350 and then $200 a month rather that settle at $2800 which would ruin her credit for 7 yrs. In my attempt to calculate I think I'm doing it wrong, as I keep coming up with monthly interest over $1000. (By my calculations after making $900 in payments her balance would only be down by $320 approximately. What am I doing wrong?
(I just kept multiplying unpaid balance by 29% to add the interest.)
When you multiply the balance by 29%, you then need to divide th
When you multiply the balance by 29%, you then need to divide that result by 12. $4000 x 29% = $1160 annual/12 = $97 month interest.