|
Uncle Wemus posted:Those are the minimums. I've tried to pay more where I could. I didn't list the student loan because I figured it wasn't important as it won't be paid off for a long time. Add it anyways, just for reference purposes. Can you potentially list all your inflows and outflows a month in spreadsheet form? Would be much easier to follow then your original post. How much exactly are you taking in(in income) a month? Include Rent that you get from tenants. How much outflow? Put your full mortgage price, and every other bill you paid in the last month. Having this stuff written down to the dollar instead of "rough estimate" will really show you where money is going. Note, I know that next month you won't have a mortgage payment because you just refinanced. Thats 1100$ that can go towards your debt! I know that sounds tough...so how about this. Don't send all 1100 bucks to the credit card man. Take 200$ and spend it on something you want. Restaurant eating, buy a video game, strip club, whatever....
|
#
?
Nov 17, 2015 05:49
|
|
|
|
| # ? Apr 25, 2024 11:10 |
|
|
Uncle Wemus posted:What should I do about the Discover one? Thats a transfer but 6000 bux is a lot to pay off. Should I just go full force on the Capitol One card? Because the Capitol One card charges 19.8% interest you need to pay that off first. The minimum monthly payment on the Discover One is fine just so long as you don't charge anything to that card. Once the 0% period is coming up just apply for another 0% card and do a balance transfer again. That buys you more interest free time to attack the balance. What we're suggesting is the avalanche method of repayments. This decreases the amount of interest paid each month quickly and the money not used for paying interest allows you to repay the debt faster. To put it in more tangible terms every $100 you pay off on the Capitol One card you save $1.65 in interest each month. Whereas $100 put on the 0% card saves $0 in interest per month. It's the interest paid each month that makes being in debt difficult.
|
|
#
?
Nov 17, 2015 06:08
|
|
