The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: The Plan Date:  1/27/2014  9:43 PM
Author:  FlippoHip Number:  307737 of 312189

Ooooooooohhh... I get what you are asking.

Well, it's complicated.

The GI Bill is about $1k a month. Add that to the $300 I was going to put in from my pay. That's ~$1100 toward the $10k credit card (The interest payments are going to make it over $10k by the time it's paid off. I don't know how much more. I over budget rather than break it down that much. The interest rate is 7.9% and I paid about $80 in interest last month.)
When my daughter is with her dad for the summer, I won't have child support, so it will dip down to just paying $1k a month for a couple of months. That'll drag it out too.

I don't need the GI Bill to live off of. I do fine. This is just extra money. There won't be any replacement, but there will be about $500 extra a month to put toward the loan even after the GI Bill is gone.

I had already budgeted $300 a month on top of the $1k GIB for the CC and I'll put $200 a month less in savings. I just want to pad the savings up a bit first. I hate it being so low.

Sooooo I'll put the extra $500 toward the signature loan. Yes, the car will be minimum payments, because the signature loan is like 12% interest, but the car is only 3% interest and will be mostly principle at that point anyway. I'll pay down the loan rather than the car and they will both be paid off around mid 2016
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us