How minimum payments can mean maximum financial pain.

Answer: 5 years and 10 months

Questions:

1. The calculator shows you would pay roughly $525 in interest (on top of the $750 cost of the PS5). What are some other purchases you could have made with that money had it not gone toward interest payments?
2. What big-ticket items or once-in-a-lifetime experiences do you think are worth spending money on?
3. How could you reduce the amount of time required to pay off this credit card bill?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from Bankrate):

The PS5 may be the hottest video game console of the year. Sold out basically every store, you find a PS5 bundle for $750 and buy it on credit. Did that impulsive purchase to knock another item off your holiday shopping list still feel like a good one? 

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About the Author

Ryan Wood

Ryan grew up with and maintains a love for learning. He graduated from the University of Wisconsin-Green Bay with a degree in Business Administration and worked in sports marketing for a number of years. After living in Texas, Colorado, Tennessee, and Minnesota, the call of education eventually brought Ryan back to his home state of Wisconsin where he was a Business and Marketing teacher for three years. In his free time he likes to spend time with his wife and daughter, play basketball, read, and go fishing. Now with NGPF, Ryan is excited to help teachers lead the most important course their students will ever take.

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