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Ford Motor Co. Message Board

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  • longpickuptruck longpickuptruck Feb 22, 2007 5:01 PM Flag

    KEEP PLENTY of CASH on Hand

    Having taught Business Math, I know a little about interest. CC companies love the uneducated or the stupid. Do you know that the average CC family carries a balance of $9,000+. Most of these cards carry a 21+% interest rate and if you pay the minimum amount each month it will take a person 23 years to pay off the $9,000. (Assuming you charge nothing else.) (Interest paid the first year on the card balance is about $1,900. almost enough to be making a car payment.)
    If you use a CC, wise up to the proper use of it.
    No private individuals receive that kind of interest on a savings account, cd's, checking accounts or investment accounts, at this time you are lucky to earn 5%.

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