Debt-Mortgage-Refinance.com |
Debt-Mortgage-Refinance.com |
This site provides general guidance and information. It is not intended as, nor should
it be taken to be, legal, financial or other professional advice. Please
consult with your attorney or financial advisor to discuss any legal or financial
issues involved with credit decisions. This site as an affiliate represents
the following sites above and is not responsible for their content. |
 |
Repaying Your Loan Loan Consolidation Loan Deferment Loan Forbearance Credit Cards How Credit Cards Work Credit Card Statistics Credit Card Tips Rates Variable Fixed Introductory Risk Pricing Home Mortgages Home Equity Loans Fixed Rate Mortgages Adjusted Rate Mortgages FHA Mortgages Reasons to Refinance How Much you can Afford Other Debt Options Debt Reduction Settlement Credit Counseling Consolidated Loan Title Loan |
|
Debt, Mortgage and Refinancing Headquarters |
Are you Stressed? Needing Help in Consolidating your Debts! This site is designed
to inform as well as provide help in pointing you in the direction you want to
go! |
Finance Charge (Interest) In general terms, a finance charge is the cost of credit. It is what you pay a lender for using credit. The finance charge on your monthly credit card statement is the interest you pay on the unpaid balance of your account. The calculation method used to determine the finance charge has an effect on the amount you pay in finance charges. The most commonly used calculation method is the average daily balance. When this method is used, the average amount of debt you have in your account each day is used to determine the monthly finance charge. To calculate the Monthly Finance Charge using the Average Daily Balance: • Average Daily Balance x Daily Periodic Rate x Days in Cycle = Monthly Finance Charge Or • $100 x .03288% x 31 Days = $1.02 Monthly Finance Charge. Your Daily Periodic Rate is typically found near the bottom of your statement where the Finance Charges are explained. |