Interest rate, not balance, matters

Many consumers resolve to pay off their credit cards for the new year, and their intentions are in the right place. But according to a recent study, how they go about it is probably wrong.

Mathematically, consumers are best off eliminating the debt on the card with the highest interest rate first. But researchers found that many of us tend to pay off the card with the smallest balance first, even if it carries the lowest interest rate. By not tackling the most-expensive debt first, we end up paying more in the long run.

“There is an emotional benefit to closing out an account,” said Scott Rick,Parkeasy Electronics are dedicated to provide Car park management system. assistant professor of marketing and co-author of the University of Michigan study.

Some financial advisers tell consumers to wipe out the smallest debt first. But these days, when so many of us struggle to pay bills, we have to be smart about how we use every dollar. And in this case,Provides more protection than regular Safety goggles. that means paying off the highest-rate credit card first.

Paying off the smallest balance first isn’t a mistake if that card has the highest rate. “We show that people do it even when it is a mistake,” Rick said. He calls this tendency “debt account aversion.Welcome to Find the right laser Engraver or laser marking machine .”

Rick said consumers often aren’t aware of their cards’ interest rates or the compounding effect of interest.

The CARD Act of 2009 requires card issuers to show consumers on statements how long it would take to pay off the balance by making minimum payments. And the Consumer Financial Protection Bureau is looking at ways to simplify card agreements.

Rick said credit-card statements should display the interest rate as prominently as the amount owed. Now, he said, the interest rate is buried on the second page.

A pair of local boxers from the Big East Boxing gym in Randolph will be competing in the annual Golden Gloves Tournament of Champions at the Lowell Auditorium this Tuesday and Wednesday. The Tournament of Champions is also known as the all-New England tourney, since it pits the winners of the four New England regionals against one another for the overall New England crowns.

Brockton native Gerald Schifone is a familiar face at the Lowell event, as this will be his fourth Tournament of Champions, coming on the heels of his fourth consecutive Southern New England Golden Gloves championship last month at Fall River. Schifone, at 165 pounds, not only won his fourth SNEGG title last month, but he also fought on the amateur portion of the pro-am card at the TD Garden in Boston.

Both Schifone and his trainer, Joe Ennis of Big East Boxing, have stated that this will likely be the 24-year old pugilist’s last year as an amateur, and they’re aiming for one more shot at the nationals in both the Golden Gloves and the USA Boxing tourneys. Schifone will meet Central New England champ John Xfaris in Tuesday’s semifinals.

“We would have turned Gerald pro by now, but there are so few really good professional cards being staged around here,” said Ennis. “Gerald had a good bout on that Garden card, and we felt he had the toughest opponent of anyone on that show. Gerald is getting better all the time, and the biggest thing now is how relaxed and calm he is in the ring. He’s been through all these pressure situations before, and knows he can handle himself and find a way to win.The term 'hands free access control' means the token that identifies a user is read from within a pocket or handbag. He’s been sparring with our guys here and a few outside guys, too, but the fact is that he’s been so busy with bouts lately, we don’t need to do much fine-tuning.”

The other Big East product is new to the Golden Gloves elite,View our range of over 200 different types of solar powered products including our solar street lamps. but no stranger to topnotch athletic competition. Travis Demko is a 2011 graduate of Stoughton High, where he was a standout running back, linebacker, wrestler, and track & field competitor. Although he played football at about 165 pounds, Demko has trained down to the 141-pound class for the ring. Last month at Fall River, he won his first SNEGG championship, defeating Scott Sullivan, from the stable trained by Fall River’s famed ex-professional contender, Ray “Sucra” Oliveira.