How Credit Card Interest Is Calculated [Youre Paying WAY MORE Than You Think!!!]

How Credit Card Interest Is Calculated [It’s WAY MORE Than You Think] // Credit cards, and your payments towards credit card interest is based on the average daily balance your credit card debt carries.

This video you’re going to learn how that 12 to 15% credit card you’re fifty percent in interest every month and be sure to hang around for a a stockpile of tax-free cash with the same dollars at the same time now if the same time sounds good to you then you’re going to want to subscribe to our simple fact those 12 15 and 18 percent credit cards they’re costing you up

To author tony manganiello since 1995 my business partner john communi and i have thousands of dollars in interest payments and accumulate real wealth all secrets that will reveal how much interest you’re really paying every get rid of them once and for all the first cashflow secret is that credit your car or your mortgage. debts like your car or your house payment you

Borrowed and this is an amount that cannot be increased after you’ve signed you’ve got that five year car loan or your 30-year mortgage once you inked credit card on the other hand has a credit line or a limit that you can depending on how you use it because the credit card company can’t anticipate be calculated each month based on a balance that changes from day to day

And scenarios for instance if you borrow 20 grand to buy a car and you get a five 53 cents a month this means you’ll make sixty payments of four hundred and five hundred thirty one dollars and 80 cents that’s forty three hundred and thirty interest rate and the same payment of four hundred and five dollars and 53 and you’d pay about nine thousand six hundred sixty dollars

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And 38 cents and same numbers but very different results that can have a significant impact on those are simple interest loans a credit interest has very different calculations than simple interest us and they you’re surprised by these numbers are you surprised that a car loan and a different results cash flow secret number two has to do with how credit much interest you’re

Charged on your credit card the first is the apr or apr on a credit card can range from 12% all the way up to nearly 30 percent so on your credit card is to divide your apr by the number of days in a year 365 point zero four nine three two percent or point zero zero zero four nine three balance can change at any time this is because you can use the card for any any amount

That doesn’t exceed your credit limit what the credit card daily balance by the daily finance rate in our example with a $20,000 would look like this $20,000 times the daily finance charge or thirty days for that month and you get two hundred ninety five dollars and flow secret number three cash flow secret number three is how the credit card just think about this for a

Second you’re using your credit card each month adding to the balance throughout the month knowing you’re going to make a balance and a minimum payment what do you choose to pay most people make a where they’ve got you the minimum payment on a credit card is also based dollar credit card with the 18% interest rate in my experience working directly two to four percent of

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The outstanding balance so let’s use three percent in thousand dollar balance three percent times twenty thousand dollars is a $600 hundred ninety five dollars and ninety two cents so two hundred ninety five interest that’s forty nine point three two percent of your payment lost to around the 18% apr you’re missing the fact that almost half of your payment is butt every

Day every month every year and you can’t understand while you’re really really hard but unfortunately you’re not the one that’s working hard you need to click the link and get your hands on the banker secret to permanent how you can pay off all your debt and build tax-free wealth with the same and building wealth for you and your loved ones instead of the credit card topics

Can be you know they can be pretty intimidating so if you’d like to your head please let me know in the comments i love helping you understand numbers work then those numbers will look probably working against you and helping you gain financial traction is what i’m here for

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How Credit Card Interest Is Calculated [You're Paying WAY MORE Than You Think!!!] By Smartest Wealth Systems