MAth question (Full Version)

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YourhandMyAss -> MAth question (2/21/2007 6:33:37 PM)

If your debt is 4 thoughsand and you pay 355 dollars a month, how much extra a month would you need to get a sugnificant amount payed off before a year. The calculator says it'd take 11 months, at 355 a month.



farglebargle -> RE: MAth question (2/21/2007 6:42:54 PM)

Eleven months and about a week.




NeedToUseYou -> RE: MAth question (2/21/2007 7:31:29 PM)

If there is interest on the debt, It will be longer of course. Especially if it is a Cash Store place, they charge like 20% a month. So, never in that case. 



YourhandMyAss -> RE: MAth question (2/21/2007 7:54:32 PM)

Need it's credit card debt, 4 thoughsand is rounding it up a bit, I think I actually only owe 3 thoughsaand80 if I understand the limit stated on my balance was, my cc is almost full I only have 37 dollars left out of a total balance.




Archer -> RE: MAth question (2/21/2007 9:40:01 PM)

Damn my amortization chart is in my briefcase at work.

Darn it posted wrong formula
Been too long since accounting class.




CrazyC -> RE: MAth question (2/21/2007 9:43:16 PM)

what is the interest? That is needed to figure it all out, since that will be added monthly. At this point, any percentage will put you over a year.



YourhandMyAss -> RE: MAth question (2/21/2007 11:02:58 PM)

Crazy, I'm not sure but I do know I get charged 34 dollars a month for every month I carry a balance.



ownedgirlie -> RE: MAth question (2/21/2007 11:32:07 PM)

At an estimated 20% interest (common for credit cards), $285 per month will pay $3080 off in a year.  Paying $355 per month will take you 10 months to pay it off.

Here's a cool site for people to figure this stuff out on:

http://www.bankrate.com/brm/calculators/credit-cards.asp

Good luck!!



seeksfemslave -> RE: MAth question (2/22/2007 1:57:38 AM)

Credit Card repayment terms are a disgrace.
Consumers are charged interest on unpayed interest.
Not only on the original sum borrowed. 
Plus all kind of penalties if repayments are missed.

Thats what I've read. I've havent got a CC, only a Debit card which does not allow overdrafts.
Am I right ?



farglebargle -> RE: MAth question (2/22/2007 4:39:51 AM)

STEP 1: Cut up the credit card, DO NOT TELL THE BANK YOU CUT IT UP. Leave the account open, but remove the temptation to continue using it. Once you get your shit together, call them for a replacement card.

STEP 2: Pay Cash. If you don't have the cash on hand, you can't afford it.

STEP 3: Reexamine your lifestyle. EVERYTHING which is not essential for survival, gets liquidated, and the proceeds used to pay down your debt.

There's more extreme steps, but those should get you in the right mindset.





YourhandMyAss -> RE: MAth question (2/22/2007 11:51:46 PM)

Fargle, I don't have assets  lol. I'm slowly getting it back together, this time off of spending while making payments has slowed my interest in buying stuff. my life now consists of rent, bills and that's it lol.

seeks, my bank has over draft protection, it'll take it out of savings for you if ya got money in savings,but you'll get a big fee.
quote:

ORIGINAL: seeksfemslave

Thats what I've read. I've havent got a CC, only a Debit card which does not allow overdrafts.
Am I right ?



Sternhand4 -> RE: MAth question (2/23/2007 12:13:56 AM)

quote:

ORIGINAL: farglebargle

STEP 1: Cut up the credit card, DO NOT TELL THE BANK YOU CUT IT UP. Leave the account open, but remove the temptation to continue using it. Once you get your shit together, call them for a replacement card.

STEP 2: Pay Cash. If you don't have the cash on hand, you can't afford it.

Great advice..


quote:

ORIGINAL: farglebargle

STEP 3: Reexamine your lifestyle. EVERYTHING which is not essential for survival, gets liquidated, and the proceeds used to pay down your debt.

There's more extreme steps, but those should get you in the right mindset.

Selling all your sh#t isn't extreme?
Try a second job first, and use all money from it to pay down debt.






farglebargle -> RE: MAth question (2/23/2007 5:59:48 AM)

Extreme Yes. But Extreme Times call for Extreme Measures.

If you have a toaster AND a toaster oven, GET RID OF THE TOASTER.

You might not need a television at all.

Etc. Twenty Bucks is Twenty Bucks.




YourhandMyAss -> RE: MAth question (2/23/2007 11:47:57 PM)

Fargle the appliances in this house are not mine, they are my parents,  Same with the couch, and any other stuff in the house.

They would not apreciate me going through the house getting rid of their stuff.  I could see how well that'd fly lol  What am I doing with your toaster? well uh umm actually I am selling it mom, Why am I selling it, well uh actually cause In eed the money?

nah not flying. Now however i do take our cans to the recycler, the 20 bucks or so I get from them is nice, cause I wasn't the one who payed CRV, so the money I get is actually money made.



Zensee -> RE: MAth question (2/23/2007 11:53:32 PM)

To build credit - buy what you can afford (cash wise) with a CC then pay off the whole balance as soon as the bill arives. No interest and an A+ rating. CC's are a great convenience and offer buyer protection and many safety and security features (like not walking around with bundles of cash).

Z.



Lordandmaster -> RE: MAth question (2/24/2007 12:04:10 AM)

That depends on your interest rate.  And it depends on the type of debt you're talking about.  Is the loan amortized?  Is it revolving credit?  In other words, is this credit-card debt or a mortgage (or car loan, etc.)?

Lastly, it depends on your definition of the word "significant."  Different people will have different comfort zones.

Edited to add: OK, I see that you're talking about a credit card.  Wellllll...you need to find out the interest rate they're imposing, and compare that to the interest rate you have on other loans.  Usually the credit card is the first thing you want to pay off, because the interest rates tend to be highest on credit cards, but there's no way to know for sure until you get all your facts.  (I have a dandy of a card that lets me borrow money at 3.99% APR in perpetuity, but you have to have damned good credit to get it.)  Anyway, it's your card, you ought to be able to find out what you're paying.

quote:

ORIGINAL: YourhandMyAss

If your debt is 4 thoughsand and you pay 355 dollars a month, how much extra a month would you need to get a sugnificant amount payed off before a year. The calculator says it'd take 11 months, at 355 a month.



YourhandMyAss -> RE: MAth question (2/24/2007 12:46:18 AM)

LAM, this card's the only one with a debt on it, I consider significant, at this rate, to be like the original 355, plus an extra 200.



farglebargle -> RE: MAth question (2/24/2007 7:04:54 AM)


quote:

ORIGINAL: YourhandMyAss

Fargle the appliances in this house are not mine, they are my parents, Same with the couch, and any other stuff in the house.

They would not apreciate me going through the house getting rid of their stuff. I could see how well that'd fly lol What am I doing with your toaster? well uh umm actually I am selling it mom, Why am I selling it, well uh actually cause In eed the money?


No. That's not the idea at all. I guess you'd have to move into your own place and have accumulated a lot of stuff prior to that suggestion really helping.




thompsonx -> RE: MAth question (2/24/2007 7:14:31 AM)

If I can't barter or pay cash  for it I don't need it.
thompson



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