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The Path to Financial Freedom: A simple and easy guide to assist you in reducing or eliminating the negative flow of money Learn how to live within your budget and how to have your money earn money. Discover how to live within your income, reduce or eliminate the negative flow of money and to have your money earn money. Step 1: Reduce or eliminate the negative flow of money. | The Path to Financial Freedom A simple and easy guide to assist you in reducing or eliminating the negative flow of money Learn how to live within your budget and how to have your money earn money. Discover how to live within your income reduce or eliminate the negative flow of money and to have your money earn money. Step 1 Reduce or eliminate the negative flow of money. The negative flow of money is credit card interest impulse buying and gambling. Contrary to what most people think the average monthly interest rate on a credit card if you pay the minimum amount required by the bank is 70 - 90 Yes you read that right To determine what the interest rate of your card s is to divide the finance charge by the minimum payment. Let s say you have a credit card with a 5 000 balance due at 20 APR. 5 000 x 20 1 000 This is the yearly amount the bank will charge you to use the credit card. The bank bills monthly so 1 000 divided by 12 months equals 83.33. The bank no longer calls it interest it is now referred to as Finance Charges. Since a credit card is not an installment fixed loan and is in effect a revolving payment the bank sets the minimum payment due. This minimum payment is approximately 2 of the balance. In this example 2 of 5 000 is 100. So here is the whole picture You owe 5 000. You pay the minimum payment of 100 of which 83.33 is the Finance Charge leaving only 16.67 to be applied to the principle. Now divide your Finance Charge 83.33 by your minimum payment due 100 and you get 83.3 interest for that month Since only 16.67 us being applied to the debt if you divide 5 000 by 16.67 it will take you approximately 299 month 24.9 years to pay off this credit card. That is provided you don t purchase any more on that card it could take you to infinity. Now let us look at this scenario If there are any past due payments late charges or over limit fees deduct them first. Let s say you have several credit cards totaling 20 000 or more. At an average monthly interest .
