Question about Periodic Rate Finance Charges?

Question

I have always paid my credit card balance in full each month, I could not pay junes statment in full, I paid 1700 for a 2500 bill. In julys statement it had a Periodic rate finance charge of $30.00. I paid that statement in full which included the $800 I could not pay the month prior. My august statement has a charge of $18.58 for Period rate finance charge, why would there be any charge if i payed the last month off in full? My apr is 14.99

Answer 1

The $14.99 was the finance charge for the period between the $30 charge and the day they got your check.

Answer 2

Hi there,

The difficulty with credit card debt is that it can take so long to pay it off that you just get almost bored and spend again. Most people find it hard to live within their means and not get further into debt or back into debt.

I can recommend starting to buy everything with cash - I'm telling you, when you see those bills going through your fingers you will really cut back on your spending! It's far too easy to spend money you don't have with a credit card.

You have to get rid of your credit card debt. Either get a consolidation loan or consolidate your cards to ones with zero or low rates of interest. Once you have done this you MUST get rid of your old cards - cut them up and destroy them otherwise you will be tempted to spend on them again and get into even more serious problems.

You really can get out of credit card debt but it is going to require some discipline and self control and maybe even a five year plan, but once you are out of debt you will feel a new found sense of freedom!

Hope that helps, but please let me know if you need any more info :)