How to save thousands on your credit card debt
Jan.27, 2009 in
Debt, credit card
Your plasectomy, your life.
The consumerist.com has a great article with a novel idea about how to get out of debt faster, Pay More! Well duh! Either way it is a brief article with a link to a great tool. Go ahead and figure out how fast you can perform your own plasectomy by the amount you pay towards any individual card or cards.
The link to the consumerist.com article can be found here.
A direct link to the plasectomy tool can be found here.
Based of the tool on one of the cards that we have with a $6,000 balance at 3.99% it will take us 4 years to pay it off at the minimum payment of $120 a month. I cannot wait that long. I want to be done with all of it, student loans, car loan, and plastic by December 2011.
February 8th, 2009 at 12:50 am
Nice tool, but bankrate.com has had pretty much the identical calculator for years. It is here: http://www.bankrate.com/brm/calc/minpayment.asp. They have a couple of others I like even better, including Debt Paydown Advisor, here: http://www.bankrate.com/brm/calsystem2/calculators/debtpaydown/default.aspx, which also lets you put in windfalls like raises and the like. Sometimes it’s broken, sadly, but when it works it’s pretty great.
February 10th, 2009 at 8:41 pm
Those are definitely nice calculators. Bankrate.com is a great site for any sort calculation of debt.