Looking for Financial Advice

[GregWeld]

Just "because".... I searched the net for a Credit Card Interest Rate calculator... and plugged in some numbers. I used a 1000.00 balance - an interest rate of 24.99% - with 2% per month payback - Monthly payment of $50... This would take you 27 payments (2.25 years) and you'd pay $306 of interest.

So if you just made a $75 a month payment instead. You'd cut your time down to 1.33 years and the interest to $184 (16 payments instead of 27)

For comparison - I'll use 1000 owed and 12% interest - same $50 payment vs $75

$1000 owed at 12% paying $50 a month takes 1.9 years (23 payments) and costs $121 in interest

$1000 owed at 12% paying $75 a months takes 1.25 years (15 payments) and costs $79 in interest