Question 1

What is the last statement balance on a credit card?

Accepted Answer

The last statement balance refers to the total amount you owed at the end of your previous billing cycle. It's the balance from your most recent statement before any new charges or payments made in the current cycle. This figure helps track whether you paid off your previous balance in full.

Question 2

Should I pay statement balance or current balance?

Accepted Answer

To avoid interest charges, pay at least the statement balance by the due date. Paying the current balance (which includes newer charges) can help keep your credit utilization lower and may give you a head start on the next billing cycle, but it's not required to maintain the grace period.

Question 3

What is an IRA bank account?

Accepted Answer

An IRA (Individual Retirement Account) held at a bank typically invests in CDs or savings accounts rather than stocks. Contributions may be tax-deductible, earnings grow tax-deferred, and withdrawals follow IRA rules.

Question 4

What is the 50/30/20 budget rule?

Accepted Answer

The 50/30/20 rule allocates 50% of income to needs (housing, food, utilities), 30% to wants (entertainment, dining out), and 20% to savings and debt repayment. Review bank statements to track adherence to these percentages.

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Frequently Asked Questions

What is the last statement balance on a credit card?

Should I pay statement balance or current balance?

What is an IRA bank account?

What is the 50/30/20 budget rule?

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