The Motley Fool Discussion Boards
Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: The Plan||Date: 1/28/2014 6:31 PM|
|Author: aj485||Number: 307752 of 309665|
You aren't following or I'm not being clear (probably the later). I'm not comfortable disclosing my income to you, Mr. Stranger on the Internets, but it's enough.
The only way for you to understand, I guess, would be if you saw my projected budget spreadsheets, and I'm definitely not comfortable with that
It's all going to work out. My math is fine.
That would be Ms. Stranger... ;-)
I just didn't see that the numbers added up the way that they were being described, but if you're comfortable with the figures, that's what's important.
Based on what I understand from your description of the interest rate and timeframe, I do want to provide a couple of different interest cost scenarios. The assumptions may not actually fit your scenario, but I wanted to show you the difference it can make in the interest paid by choosing which loan to pay off first.
CC 1: $10k at 7.9% interest with a $100/month minimum payment
Loan 1: $10k at 12% interest with a $200/month