Let's say you showed your friend Cardi all these calculations, and she went, "Man, this is screwed up! Credit cards are a racket!" (Yes, Cardi, they are - if you don't pay your balance in full every month, that is.) But it's not all bad news, you tell Cardi. There is something she can do in order to reduce both her cost of borrowing and the length of time she'll be in debt. What can she do? (check all answers that apply) a. Ask her credit card company to shorten the duration of the loan. b. Make her payments earlier in the month rather than later. c. Transfer the balance to a lower interest card with another bank. d. Complain to the Consumer Financial Protection Bureau. e. Pay more than $400 every month. f. Ask her credit card company to lower the 29% interest rate. g. Occasionally make additional payments to the account.
Let's say you showed your friend Cardi all these calculations, and she went, "Man, this is screwed up! Credit cards are a racket!" (Yes, Cardi, they are - if you don't pay your balance in full every month, that is.)
But it's not all bad news, you tell Cardi. There is something she can do in order to reduce both her cost of borrowing and the length of time she'll be in debt. What can she do? (check all answers that apply)
| a. |
Ask her credit card company to shorten the duration of the loan. |
|
| b. |
Make her payments earlier in the month rather than later. |
|
| c. |
Transfer the balance to a lower interest card with another bank. |
|
| d. |
Complain to the Consumer Financial Protection Bureau. |
|
| e. |
Pay more than $400 every month. |
|
| f. |
Ask her credit card company to lower the 29% interest rate. |
|
| g. |
Occasionally make additional payments to the account. |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
