why did I get charged a finance charge of 375 dollars?
I got a loan from Care Credit a while back to get lasik. My balace all together was about 1,600. My statement from last month said my balance was 1,137 dollars. Now my statement this m onth is 1,477 dollars. It said my finance charge was 375 dollars. I am going to call them but they are closed right now. So can someone explain how I could get his high finance charge?
I paid on time every month, sometimes the minimum amount sometimes a little more then that.
I am new with getting loans so I don’t know much but that makes a lot of sense . Thank you!
My GUESS is this was an ‘X days same as cash" deal. The fine print stated if you had not paid the FULL amount in X days, you would be charged a ridiculous interest rate from say one. The minimum payment is about half of what you need to pay the full balance in X days. The 375 includes interest you would have been charged for the FULL term you have been paying.
February 04 2010 07:41 am | finance lasik
February 4th, 2010 at 1:10 pm
My GUESS is this was an ‘X days same as cash" deal. The fine print stated if you had not paid the FULL amount in X days, you would be charged a ridiculous interest rate from say one. The minimum payment is about half of what you need to pay the full balance in X days. The 375 includes interest you would have been charged for the FULL term you have been paying.
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