This got me to thinking about my credit cards, which led me to calculate current minimum payments along with the current interest rates. Here's what I found out if I just make minimum payments each month and never use the cards again:
- Credit Card A
Will be paid off in 9 yrs 4 mos. - Credit Card B
Will be paid off in 10 yrs. - Credit Card C
Will be paid off in 45 yrs.
Making those same minimum payments without interest, the cards would be paid off as follows:
- Credit Card A
Would be paid off in 3 yrs. 7 mos. - Credit Card B
Would be paid off in 3 yrs. 4 mos. - Credit Card C
Would be paid off in 4 yrs. 2 mos.
This has me beginning to investigate filing bankruptcy which is against my principles. But then over $6,000 is not really money that I borrowed; it is pure interest.
2 comments:
have you tried consolidating debt to card with lower interest rate? have you asked your credit card cos to reduce int rates? these are ideas frm watching oprah on debt...maybe go to oprah@aol.com for ideas. pay off my bal every mo to avoid debt. family ethic served me well. can you stop using cards & live on cash to diminish future debt?
Consolidated and transferred to lower rates. Have called and lowered a couple of points. Living on cash, mostly, but seem to encounter holiday gift giving, godsons' birthdays, niece & nephew fundraisers, etc. which continue to add little by little. But I do have shelter, which is great!
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