The Motley Fool Discussion Boards
Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: The Plan||Date: 1/28/2014 7:11 PM|
|Author: FlippoHip||Number: 307753 of 310986|
I am very sorry, Ms. Stranger :)
Scenario 2 - pay $100/month minimum on CC 1 until Loan 1 paid off
- CC 1 paid off in Jul, 2016; interest cost is $1273
- Loan 1 paid off in Oct, 2013; interest cost is $456
- Total interest paid is $1729
Scenario 2 saves $582 in interest compared to Scenario 1.
I see your point, and this is giving me something to think about.
I really hate that I have the credit card debt. The loan...well, that was for something that I felt good about. The credit card is maybe 30% necessity and 70% poor planning and buying things that I didn't need or that I could have bought a less expensive version of.
So, I feel like the credit card is dirty debt and I want it gone. Eliminated. Sleeping with the fishes.
But...$582 is $582....I'll think about this.
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|