Money Management 101


"Learning the Tricks of Managing Money" [May 19] struck a nerve.

Our 19-year-old son has a credit card on which he understands he must pay the entire balance monthly. His most recent balance of $584.38 required a minimum payment of $11. If he never bought another thing with this card, it would take him years to pay it off if he only paid the minimum. I am sure the banks are delighted when their credit card customers pay as little as possible. Why not expect the credit card holder to pay at least 50 percent of the balance each month? Ridiculously low minimums only encourage greater debt and big bank profits.

Neal Harris

Troy, Mich.  

Thank you for publishing "Your Short Course on Key Money Lessons." If I only knew years ago the emphatic truth about money management, there would be no reason to place blame on the financial experts for keeping the secret at others' expense.

Mary Louise Sunseri

Capitola, Calif.