Couples and Money: A Couples’ Guide, Updated for the New Millennium. As a psychologist and a Certified Financial Planner, Dr. Victoria Collins brings a unique perspective to personal finance solutions for couples, married or unmarried, who are in dispute about financial issues. The book includes practical advice, worksheets, and true stories that will help couples achieve financial harmony and work toward common financial goals.
In a separate section that breaks down your interest charges, you’ll see a break down of your finance charges by the type of balances you’re carrying. For example, if you have a purchases balance and a transfer balance, you’ll see details of the finance charges for each. This is because these balances often have different interest rates and grace periods. How to Pay Off Your Finance Charge. Making your minimum credit card payment, which is printed on the first page of your credit card billing statement, is usually enough to cover your finance charge plus a small percentage of the balance. However, if you’re only paying the minimum payment, your balance will shrink at a small pace since so much of the payment goes toward paying interest. You’ll need to increase your minimum payment if you want to pay off your balance faster.
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The average daily balance method is one of the ways a credit card issuer can calculate finance charges on your credit card. Finance charges are how your credit card issuer charges interest on balances you carry beyond the grace period. Paying a finance charge increases the cost of your credit card debt beyond the original purchase price. Knowing how your credit card issuer calculates your finance charge can help you estimate the amount of interest you’ll pay if you don’t pay your balance in full. You can check your credit card billing statement or call your credit card issuer to find out if your credit card issuer uses the average daily balance method for calculating finance charges.
Best Visuals: Mobills. Mobills organizes your expenses in categories so you can track your spending is progressing toward your budgeted amount. See the amount you have remaining to spend in each budget category so you can rein in your spending as needed. The budget planning app includes interactive charts that allow you to analyze your financial life; you can use them to make adjustments as you need to reach your larger financial goals. Add your credit cards to the app so you can see your current balance and spending limits all in one place. You can add all your bills and due dates to keep track of when your bills need to be paid. The free version of the app has limited functionality while upgrading to the premium version will give you full access to all the app’s features.
The double billing cycle uses the average daily balance of the current and previous billing cycles. This is the most expensive way finance charges are calculated and is unfair to cardholders because it charges interest on balances that have already been paid. Fortunately for credit cardholders, the double billing cycle method of calculating finance charges was outlawed with the passing of the Credit CARD Act of 2009.