Watch the Compound Interest Trap of Credit Cards and Loans video. youtube

watch a video and then answer five questions. You will also write a one-paragraph reflection on your attitude and understanding of debt

Why do credit card companies charge interest on a daily basis?

How does the frequency of interest compounding (daily vs. monthly) affect the total amount owed?

How does paying only the minimum amount due on a credit card impact the debt?

How can individuals combat the negative effects of compound interest on debts?

What would your advice be to someone getting their first credit card

a reflection on your personal attitudes towards debt and how your understanding may have changed after this assignment. Your reflection must be at least 5 complete sentences. You may also interview someone for this reflection.

Answer rating: 100% (QA)

Credit card companies charge interest on a daily basis to maximize their profits and compensate for ... View the full answer