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Saturday, July 27, 2024    		 
Household Math™: What does Jenna owe?
by Scott Bilker
Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.
 
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Test your knowledge by trying to solve this DebtSmart, Household Math™ problem! After you complete the problem, you’ll get the solution and explanation.
 
1.

Jennafer read Scott Bilker's, Talk Your Way Out of Credit Card Debt and called her credit-card bank in the hopes of reducing her interest rate. Armed with the techniques from the book, she was successful at reducing her rate by 5 percent to 9.9 percent! After doing the math, she calculated that the debt would be paid back one year faster and she would save a total of $3,012! How much does she owe the bank--what is her current balance?
$8,000
$10,000
$12,000
$14,000
I don't know!



 

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