In September, Luciana is approved for her first credit card! She grabs her purse and visits her local appliance stores perusing the aisles for the best deal on a refrigerator. After careful evaluation of the different brands and added features she purchases an Energy Star refrigerator with her new credit card. Once home she excitedly awaits the arrival of her purchase enjoying the benefits of using credit to purchase an item her family desperately needs but lacked the ready cash capital to purchase.
Although Luciana and her husband are both employed they found that with their monthly mortgage, electricity and water bills that they could only make minimum payments on their purchased Energy Star refrigerator. Luciana evaluates the cost of having purchased the refrigerator on credit. The price of the refrigerator was $1,500. The interest rate on her credit card was 24%. She calculates that with minimum monthly payments, the cost of the refrigerator plus interest comes to $2,438.13!
As Luciana found there are strings attached to using credit. It costs something. If you are thinking of opening a credit account your first step should be to figure out how much it will...
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