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My big, fat, unpaid credit card bill
When the statements piled up and the creditors started calling, I had to do the unthinkable -- confront my mounting debt.
By Sarah Hepola [2008-01-30]

  • I am a math tutor

    And one of the things I teach all my students is how to calculate compound interest. Then, I walk them through a credit-card example - "Suppose you owe $1000 on a credit card with a 18% interest rate, compounded monthly; your monthly minimum payment is $20; how long will it take you to pay off the debt, and how much will you actually pay?" It's always an eye-opener for the kids. Seeing the numbers out there in black and white is a lot more convincing than lectures about financial responsibility.

    If schools actually taught their students real-world math, fewer people would get into credit-card debt.

    -- 565656565656
    [Read 565656565656's other letters]
    Tuesday, January 29, 2008 08:18 PM
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