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| The Evils of Credit Cards http://theexiled.pwnageservers.com/forum/viewtopic.php?f=1&t=1646 |
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| Author: | TE-Krogoth [ Sun Dec 10, 2006 8:12 pm ] |
| Post subject: | The Evils of Credit Cards |
While I was going through my math notes studying for the final, I came across a problem about credit cards and thought I'd share. You have a $2500 credit card bill, the interest rate is 19.8%, and you are making monthly payments of $42. Figure out how long it will take you to pay it off, and how much you end up paying. It will take you 245.96 months which is 20.5 years. You will end up paying: $10,332. So don't use credit cards unless it's an emergency. |
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| Author: | TE-Pengwin [ Sun Dec 10, 2006 9:43 pm ] |
| Post subject: | |
we use credit cards, we rap up a couple thousand in bills but pay it off when the bill comes, no installments, just 1 big check. but yeah, golden rule "Dont spend money you dont have." |
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| Author: | TE-Krogoth [ Sun Dec 10, 2006 11:28 pm ] |
| Post subject: | |
Yeah, as long as you can pay off the whole thing in the first or second bill that's okay. Never ever pay the minimum balance, you'll just be paying off the interest, and not the principle. That's how they get you paying 10 grand when you only bought 2500. |
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| Author: | TE-Pengwin [ Mon Dec 11, 2006 5:41 pm ] |
| Post subject: | |
weaver? |
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| Author: | TE-Krogoth [ Mon Dec 11, 2006 5:50 pm ] |
| Post subject: | |
It's from the game Loom. |
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| Author: | TE-Pengwin [ Mon Dec 11, 2006 9:19 pm ] |
| Post subject: | |
okdoke |
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| Author: | TE-Krogoth [ Mon Dec 11, 2006 9:46 pm ] |
| Post subject: | |
The game is about 16 years old, but still very good. |
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