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| Balance Program |
ID Theft and Fraud |
Credit Education |
Checking Education | Money & Budgeting | BLOG |
Education Home Page |
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The Cost of the
Call 888-456-2227 to speak to a Balance financial counselor, or click here to visit GPO's Balance Website |
Credit... establishing and using it wisely... |
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Minimum Payment... what it costs you. $1,000 Credit Card Balance The minimum payment for many credit cards is 3% of the balance owed, or $20.00, whichever is larger. Interest is often 18% per year, or 1.5% per month. Let's look at the cost of financing $1,000 by making the minimum payment each month...
It will take 69-Months (5.75 years) to pay for that original $1,000! The total interest paid will be $472.51! The item you were paying $1,000 for, really cost you $1,472.51!
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Check your credit report annually! You can check it for FREE once every 12-months by visiting annualcreditreport.com. Don't fall for those other "free credit reporting" websites. Many will only give you a 'free' report IF you sign up for their monitoring service! AnnualCreditReport.com was created by the three nationwide consumer credit reporting companies - Equifax, Experian and TransUnion.
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