Goal: to create a payoff schedule for credit cards or debts (loans)
You will use the information from all your credit cards. If you do not have credit cards, go online and find the information of at least 3 major credit cards (Visa, Mastercard, American Express, Discover, CITI, Capital One, Chase, Barclay, etc) Make sure you select cards with different APR's (we need the APR info)
Determine the interest rate (%) of each of your credit cards. This is also called the APR
Determine the compounding frequency of each card
Rank credit cards with the higher % being #1
Determine the minimum payment of each card (or any loan you have), add them up, this is your total monthly credit card payment (TMCC)
Determine the percent of your budget that goes to pay previous total
Determine any extra amount (and % of the budget) that you can use to pay the TMCC