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Credit Card Charges

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Eric's credit card charges Eric 16% interest. His bank is offering him 5% interest on a savings account. The first thing Eric should do with any extra money he may have is to:
a. Invest in the stock market
b. open a savings account
c. pre-pay for necessities, like rent and utilities
d. pay off the credit card balance.

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Solution Summary

The expert analyzes credit card charges. What Eric should do with any extra money is determined.

Solution Preview

Eric should pay off the credit balance first (choice D) because he is being charged much higher interest rate than if he were to save money. If he decided to save the money he will be getting 5% back. However at the ...

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