Topical Terminology > Average Daily Balance
Average Daily Balance
For Average Daily Balance we have terms and definitions in 3 topics. The topics are Credit Cards, Debt Consolidation and Finance.
Average Daily Balance (Credit Cards) 
The average daily balance is calculated by adding each days outstanding balance (in a billing cycle) and then dividing that total by the number of days in the billing cycle, resulting in the finance charges.
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Average Daily Balance (Debt Consolidation)
The average daily balance is a method used to calculate finance charges. It is calculated by adding the outstanding balance on each day in the billing period, and dividing that total by the number of days in the billing period. The calculation includes new purchases and payments.
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Average Daily Balance (Finance)
A method for calculating interest in which the balance owed each day by a customer is divided by the number of days. See also: Adjusted balance method and previous balance method.
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