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dancerjodiJetgrrl sent me a great spreadsheet for looking at debt payments, interest, etc.
If I paid things at the rate I've been doing (which *is* over the minimum payment each month) I'd be done paying off my 2 credit cards in 2008. Over that time I would have paid $35,000 in just interest alone.
This doesn't include my student loans and car loans (student loan should be paid off in 3 more years if I stick to schedule, car loan in 2 more if I stick to schedule).
Whee fun.
We need to figure out something smarter than what we've been doing to get this debt down. We can afford the payments, but we're throwing so much money away. This doesn't also include the credit cards that Brian has, or his car loan (or our mortgage). Me thinks we need to do less toy buying (ahem, Brian) and less spending over the weekends).
If I paid things at the rate I've been doing (which *is* over the minimum payment each month) I'd be done paying off my 2 credit cards in 2008. Over that time I would have paid $35,000 in just interest alone.
This doesn't include my student loans and car loans (student loan should be paid off in 3 more years if I stick to schedule, car loan in 2 more if I stick to schedule).
Whee fun.
We need to figure out something smarter than what we've been doing to get this debt down. We can afford the payments, but we're throwing so much money away. This doesn't also include the credit cards that Brian has, or his car loan (or our mortgage). Me thinks we need to do less toy buying (ahem, Brian) and less spending over the weekends).
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Interest
Date: 2004-09-28 07:47 am (UTC)Around 14 on a Chase Mastercard and around 22 (!) on a Sears card. Yes, I know the Sears is high (but they won't reduce it - such is the way with store cards most times it seems).
The lower balance is on that one, so I'm working on chipping that down first. When we bought our 1st house there was no balance - so increases were racked up from the kitchen remodel (just didn't have the cash for the stove, fridge, microwave and stove hood).
Re: Interest
Date: 2004-09-28 08:05 am (UTC)Have you tried to lower the Chase rate? 14% still seems high. If you have a decent credit score, they should be able to lower it. As long as you've been paying on time, Chase will want to keep you as a customer. You can check what other places are offering at:
http://www.bankrate.com/brm/rate/brm_ccsearch_lowrate.asp
Re: Interest
Date: 2004-09-28 08:08 am (UTC)