Transparent Debt
I propose that lenders display informative text, like tobacco companies, on your credit card and other debt based bills. They should put it in a box at the top of every statement, formatted consistently and containing the same information nationwide.
Interest Accrued ThisPeriod: $46.87 This Year: $356.97
On average, over the lastsix months you have: Borrowed: $186 Repaid: $64
At this rate you will payunilimited interest and you will not pay off this debt.
If you stop borrowing andmake minimum payments you will pay $3123 in interest and pay off this debt in 4years and 9 months.
If you stop borrowing andpay $64 per month you will pay $1593.54 in interest and pay off this debt in 2years and 10 months.
Interest Accrued ThisPeriod: $46.87 This Year: $356.97
On average, over the lastsix months you have: Borrowed: $186 Repaid: $64
At this rate you will payunilimited interest and you will not pay off this debt.
If you stop borrowing andmake minimum payments you will pay $3123 in interest and pay off this debt in 4years and 9 months.
If you stop borrowing andpay $64 per month you will pay $1593.54 in interest and pay off this debt in 2years and 10 months.