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Home > > How to pay bofa credit card online

How to pay bofa credit card online

Einstein put it best when he said, "Compounding interest is the greatest mathematical discovery of all time".

Now the question you need to ask is, "Do I want this force working for me or against me?" If you own a credit card and you carry-over balances from month to month then you've got that amazing force called compounding interest working against you.In this article, I'll attempt to explain how this "force" works against you month after month after month, in the form of interest upon interest. And perhaps, by helping you to gain a better understanding of how this "force" works and how important even a small change in the interest rate you are being charged effects you and families financial future. And hopefully, it will also inspire and motivate you to do whatever it takes to pay off your credit cards and initiate some type of savings plan so you can put this "force" to work for you.Credit Card Interest Rates are CompoundedThe interest you pay on your credit card balances are compounded, which means that you pay interest on the interest from the month before. A simple example would be that if you were being charged an interest rate of 2% per month, you would not be paying 24% per year. In reality, you would be paying 26.82%. A neat little trick that credit card companies use to pick up an additional point or two of interest is to calculate interest on a monthly rather than on a yearly basis. You pay more but you don't know you're paying more.A Brain TeaserHere's a little brain teaser based upon what you've already learned. Would you rather have $1 million in cash or $10,000 in some form of savings account earning you a compounded interest rate of 20 percent per year?Hmm, let's see how that $10,000 would grow after 10 years - $61,917 or 20 years - $383,375 or 30 years - $2,373,763 or 50 years - $563,475,143.After fifty years, you would have over $500 million. Of course, you would have to take inflation into account and if we used a figure of 5% per year, then that $500 million would have the buying power that $10,732,859 does today. Not a bad return on your investment of $10,000 but on a side note it also exposes another lesson in how the compounding rate of inflation destroys wealth but that's the subject of another article.Clearly, that question was a bit tricky because there's so many variables to take into account that would influence what decision you would ultimately make - but you get my point, the power of compounding interest and by the way... it's the primary way credit card companies make their money is a powerful "force". It's also the way pensions work and the reason the prices of things seem to rise massively as you get older. Be afraid... or at the least very wary of compounding interest.Compounding Interest Can Really Add Up Now, let's look at a more real world example. Let's say you have an average unpaid balance of $1,000 on a credit card with an APR of 15 percent.First year interest would be $150. However, this amount is then carried-over and added onto the balance and interest is charged on that. As a result, year two interest would be another $172.50 for a total of $1322.50 and it continues to build year after year. Year three, four and five would look like this - $1,520, $1,749 and $2,011.As you can clearly see, after just five years at 15%, you would owe double what you borrowed and after 10 years you would owe four times. I know it's hard to card bofa how pay credit online to believe but once again this simple "real world" example dramatically demonstrates the card pay credit bofa how to online power of compounding interest.If you let something like that carry on long enough, you end up paying on that same amount of debt for years and years and end up paying back many times what you originally borrowed and in some instances you still may not have completely satisfied the original debt. Unfortunately, most people simply don't take the time to think through this out and they feel that the high and never ending payments are simply their fault for spending too much money to begin with.The Three Percent DifferenceYou may feel that there's not that much difference between a credit card that charges an APR of 15% versus one that charges an APR of 12% but then again after reading this article I'm sure you've realized that there is and so - that's exactly what I'm going to show you. Remember the previous example that showed you would owe over $2,000 after only how to pay bofa credit card online five years at 15% after borrowing an initial amount of $1,000.That same example at 12% reveals the following: Year one - $1120, year two - $1254 and years three through five - $1404, $1573 and $1762 respectively. After the same five year period you would have saved nearly $250 or almost 25% in interest from a mere 3% difference in APR. Quite dramatic and hopefully it will credit how bofa pay to card online help you convince you to make the necessary decisions to pay-off your credit cards and start saving so that you can put, "the greatest mathematical discovery of all time" to work for you... rather than against you.This article may be reproduced only in its entirety.2

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A bad credit bill consolidation loan may be one of the best options available if you have bad credit and a lot of debt. A bad credit rating can be fixed, but it is much harder if you still have outstanding debts.

The best way to improve your credit rating is to pay off the outstanding debts and start fresh while repaying a bad credit bill consolidation loan.

At one time if you had a bad credit rating getting a new loan was nearly impossible. Today, more and more financial institutions are taking advantage of the debtors market, and the need for people to repair their credit ratings.

This increases their own markets by offering bad credit bill consolidation loans if you have the means to repay it. A bad credit history loan means that you can pay off your existing debts with the loan, and improve your credit rating by keeping your payments up-to-date.

By the time this bad credit history loan is paid off, you will be debt-free, as well as on your way to having a sound credit rating. If you are able to secure a bad credit consolidation loan, it shortcuts the process of you getting back to a healthy credit rating.

A bad credit rating reflects in many aspects of your normal life. Not only will future loans be difficult to attain, but also future employers may be informed of your credit score.

Creditors may even request that any insurance policies or investment holdings be cashed in to repay the debts you owe them which will leave you without a financial safety net in the future.

The longer you have the debts, the more interest you will accrue to the outstanding balance and the longer it will take to repay the debt.

The main disadvantage of a bad credit consolidation loan is that while you take the stress out of having many creditors demand money, the loan you are granted is usually at a high bad credit interest rate.

You will pay a much higher rate of interest than you would if this was a normal debt consolidation loan by someone with a good credit rating. Because of the high bad credit loan refinance rate the total amount you pay will be well in excess of the initial amount borrowed.

But if you are put in a position of choosing this, or bankruptcy, and can afford to pay the repayment schedule on time, the bad credit bill consolidation loan is a much better choice.

It allows you to repair your credit rating and eventually pay off your debts. The extra interest you pay will be much less than the effects of bankruptcy. A bad credit bill consolidation loan is a far better long term solution.

Copyright 2005 All Rights Reserved.

When I was in my 20's I had a buddy who was a budding entrepreneur, and he had such an infectious enthusiasm for starting his own business that I'd often be persuaded to join him in his entrepreneurial exploits. For some reason we didn't know at the time we nevar actually became the millionaires we believed we could be, and looking back now I can see why.

All of our business ideas centred around dealing in used cars, as we both worked in the automotive repair industry and knew the market, so that wasn't why we failed. But when I look back at what we didn't do I now know why we did. So here I'll retell the story of our failed business, and maybe you will see where we went wrong.

It would always start with a phone call from my friend to tell me of a car the chief buyer at the used car lot he worked in had found at a bargain price that we could buy. We'd pool our resources, and buy said car, and spend the next week cleaning, fixing up and making good our business investment. We knew the resale value of every vehicle we bought and always had the opportunity to turn at least 50% profit, and we'd rub our hands together with visions of our profits. We would advertise the car in the top used car ads paper in the area and even pay the extra for the papers professional photographer to take some pictures. When the paper was published on a Thursday we'd sit by the telephone and wait for it to ring.

Usually by Saturday we'd had few calls and decided our price was too high, and lower it for the next weeks listing. Looking back this was our second business mistake, the first was our ad copy in the paper, it sucked and that's why we didn't get any calls, not because the price was too high. So once we had lowered the price we did get calls, and viewers for our now bargain priced car. Almost without fail these potential buyers would come and offer us a much lower price than we'd advertised, because they were mainly small traders who knew the business better than we did, and had spotted the same car listed two weeks, and the price drop, and knew desperation when they saw it.

Invariably by the third week of poor ad copy, price drops and failed haggling we would drop the price to the point where we would only just break even. Someone would get a bargain, which usually would turn up on a sales forecourt for even more than our first price, or worse for our battered egos back in the same paper we'd used for a higher price than we'd even dared to hope for, but would not be for more than 2 weeks.

And this was repeated many times over several years, with the same results for our grand auto business ideas, no sales, no millions and still repairing vehicles for someone elses gain.

Here's where hindsight shows up our business mistakes.

1. Poor ad copy, we had no hope of getting any calls on our great cars with our very basic and uninspiring ads, even with a picture. The words just didn't sell.

2. Price dropping, when you start dropping your price, your potential customers will see you don't believe in your businesses products or services enough, and if you don't believe why should they?

3. No business plan, although we had tons of enthusiasm we had no solid plans, even if our first car had sold we would have bombed because we had nowhere planned to go forward to.

4. Lack of professionalism, as well as poor ads in the paper our business suffered from the fact we were two enthusiastic amateurs, with no telephone manner, and poor salesmanship, we also lacked in confidence to hold up our prices and stick till it was sold.

5. Impatience, I firmly believe this is our biggest business mistake, and one I see all too often in online entrepreneurs. Impatience will stifle your business. The budding entrepreneurs that were my buddy and me didn't want to wait for our profits, we wanted instant results, and that just doesn't happen. Ask any "overnight success" and they will tell you they only acheived overnight success after years of trying.

6. Doing the same thing, and getting the same bad results. We never changed our routine, it didn't work, but we kept following the same steps, and failing in the same ways. We should have been testing, and tweaking our sales techniques, instead we used the same ad format, in the same paper, and dropped the price in the same way every time.

So take a step back, and look at your business practices, can you see yourself making any of these mistakes?
Are you expecting instant riches from your business? Do you believe that dropping the price will get you more sales? Do you need to improve your ad copy? Does your business portray a professional image? Are you doing the same thing every time but expecting different results?

Be honest with yourself, look for the mistakes you might be making and don't keep making the same mistakes every time. Hopefully you can learn a little from my business mistakes and turn your own business around to be what you want it to be this year.

Copyright 2007, creditmagik. All rights reserved!