Analysis of Minimum Credit Card Payments
Analysis of Minimum Credit Card Payments
New credit card regulations in the U.S. will take effect on July 1st, 2010. Basically, credit card issuers must require higher minimum payments to shorten the customer's payback time when the customer elects to make only the minimum payment each month. This Demonstration computes a payment schedule for given credit card loan parameters and provides a comparison of the payback times for a set of different minimum payment amounts.