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Iowa, the legal rate of interest is 10%. In general consumer

transactions are governed at a maximum rate of 12%.

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16y ago

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Is it better to have a higher the interest rate on a credit card the better that is for the card holder?

No. Using a credit card usually involves borrowing money and you want the lowest interest rate you can get. On the other hand, when saving money you want the highest interest rate.


What are some steps one should take when eliminating credit card debt?

Gather all of your credit cards and begin making a list. There are several debt reduction spreadsheets that can be found on the web to help with this process. Secondly call your card issuers, and ask for a lower interest rate, and check their balance transfer offer. Sort your cards from the highest interest rate to the lowest interest rate and transfer balances from the highest interest cards to the lowest. Pay as much as you can off the highest interest card. Once you pay off one card snowball your debt. Take the payment from the paid off card & add it to the next card. Keep your debt "snowballing" until everything is paid off.


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The one chaging the highest rate of interest.


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Roll-Down Your Credit Card Debt!?

Roll-Down Your Credit Card Debt!The Credit Card Roll-down Calculator applies two simple principles to paying off your credit card debt.Payoff your highest interest rate first.When a card balance is paid in full, apply its monthly payment to the card with the next highest interest rate.To see how this can be applied to your credit card debt, enter your credit card balances and an additional Roll-down amount. The calculator will then apply your additional monthly payment to the credit card with the highest rate. When that credit card is paid in full, the card with the next highest rate will be paid down. This continues until you have rolled through all of your credit cards and your debt is paid in full. Click the "View Report" button for a detailed look at the results.


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