Question

when considering creditworthiness, which person is likely to pay the greatest credit card finance charges if they all charge the same amount each month on their cards?

Answer 1

option A, James, who always makes the minimum payment each month. Paying only the minimum on credit cards could result in increased finance costs and longer-term debt accumulation.

What consequences result from merely making the minimum credit card payment?

It will take you a lot longer to pay off your credit card bills, occasionally by a factor of several years, and your credit card issuers will keep charging you interest until your amount is paid in full if you merely make the minimum payment.

Why does making minimal payments result in debt payback over the long term?

You Fork Over Much More in Interest. Frequently, the minimum payment necessary just covers the interest owed (or slightly more), so you won't be able to pay off the principal in a reasonable amount of time.

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The complete question is:

When considering creditworthiness, which person is likely to pay the GREATEST credit card finance charges if they all charge the same amount each month on their cards?

A) James, who always pays the minimum each month

B) Georgia, who sometimes pays more than the minimum amount

C) Mary Lou, who always pays the full credit bill each month

D) Mark, who usually pays his credit card bill in full, if he can afford to