Monday, March 2, 2009

Help Your College Student Learn About Credit Cards

By: Brandon Zimerman
Here is a puzzler your college-age student might not find in a math textbook: How many months will it take to pay off an $8,000 loan, assuming you're being charged 18 percent interest and you're making payments of $150 a month to whittle down the balance?
The not-too-pleasant answer: 108 months. Think about it: nine long years of handing over your hard-earned dollars to the bank.
That's a credit card calculation any prospective or current young cardholder should crunch as a reminder of what can happen if spending with plastic gets out of control
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