Case Studies

The Mental Health Impact of Debt.

Owing serious sums to your credit cards and other debt accounts may just be business and numbers on paper, but if you’re in that financial situation, then you know that the stress, pressure, and worry about paying bills has profound mental health implications. Of course, different people experience the gambit of reactions and psychological effects when faced with debt. While…

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The Math Behind the Minimum: Calculating the true cost of credit card minimum payments

Most credit card companies keep their exact algorithms for determining minimum payments under wraps. However, there are whole threads of research by mathematicians and statisticians who try to break down the math behind the minimums, using something called the Bond Evaluation Formula. Quite simply, it is: ?=?(1+?)+?(1+?)2+…+?(1+?)?=?∑?=1?(1+?)−? Got it? If that’s just slightly ahead of your high-school level calculus, we…

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The True Cost of Credit Card Debt

Kyra thought she’d never get into trouble with her credit cards again, after she’d finally managed to control her spending habits. But when her business fell apart, she found herself facing the same problems again. Balance transfers seemed like the perfect way to ride out the storm. But the debt kept rising and her income could not keep up. The…

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