- 1,813
- 24
- Joined
- Apr 25, 2007
almost 2k on the cc. and a couple of thousand for student loans. thank god for public universities. work a 2nd job this summer.
How much debt are you in? What are you doing to get out of it?
- 3,038
- 10
- Joined
- Jul 12, 2007
More than i'd like to admit.
To get out of it... i'm trollin' on NT instead of bein' outside living my life.
To get out of it... i'm trollin' on NT instead of bein' outside living my life.
- 57,877
- 29,279
- Joined
- Feb 12, 2005
I feel ya...The other thing too is that getting it paid off quickly you don't have to worry about years of interest accumulation.
- 1,251
- 10
- Joined
- Apr 22, 2006
$0 right now.
- 447
- 10
- Joined
- May 1, 2007
20k for students loans, 1.5K for my car, 1k in credit card bills.
- 57,877
- 29,279
- Joined
- Feb 12, 2005
^ I love that avy. Damn!
- 504
- 10
- Joined
- Aug 7, 2008
30 Gs
AL Andretti
formerly mrbluprint
- 6,608
- 5,056
- Joined
- Sep 9, 2008
Too damn much...
shatterkneesinc
Banned
- 22,524
- 2,383
- Joined
- Nov 25, 2005
4gs
- 1,262
- 11
- Joined
- Nov 11, 2007
Little bit left on my truck...and student loans kick in in August
- 3,581
- 811
- Joined
- Mar 15, 2006
i owed 6gs to Citicard. but since they were desperate they settled for 2gs. Now im debt free.
- 9,264
- 58
- Joined
- Jun 30, 2003
5k car 19k student loan
5k CC
.. thank goodness it will be gone soon ... but i should have never let it get that high ...
5k CC
- 10,719
- 43
- Joined
- Feb 12, 2008
- 951
- 11
- Joined
- Sep 8, 2006
$0.00
- 1,485
- 10
- Joined
- May 21, 2004
around 7gs left on my car , i dont even have a cc and im 23
- 10,490
- 229
- Joined
- May 2, 2001
don't just send in $1000 every month...make sure that you pay the minimum payment for each month...and then the extra that is left over isapplied ONLY towards the principle.
theprocessofbelief
Banned
- 4,967
- 11
- Joined
- Jun 24, 2004
About $14,000 on mys Student loans and $1000 or so on my CC.
- 32,643
- 11,805
- Joined
- Jul 11, 2006
$91,000 right now. student loans.
i'm expecting $200,000 by graduation.
i'm expecting $200,000 by graduation.
- 1,223
- 40
- Joined
- Mar 27, 2003
Student loans and cars have been paid off.
0.00 on all my CC's too!
Living 100% independent FTW! Hoooray!
0.00 on all my CC's too!
Living 100% independent FTW! Hoooray!
- 15,762
- 516
- Joined
- Sep 5, 2005
Probably about $5,000.
- 2,735
- 10
- Joined
- Jun 12, 2006
500 or so on cc
- 1,513
- 18
- Joined
- Aug 18, 2003
$379 cc
- 57,877
- 29,279
- Joined
- Feb 12, 2005
What exactly you mean dirty? I don't just pay a lump sum of $1000 when I pay. I pay the minimum, then wait a few days for my balance to show that I'mpaid up to a certain month then I deposit the minimum again...So as it stands right now...I'm all paid up until August.
Kind of like that?
- 10,490
- 229
- Joined
- May 2, 2001
no...quite the opposite.
you don't want to do that...
lets take an example.
say you owe 40K...
your min payment for the month is say $200, but you can afford to pay $1,000 - an $800 difference
yearly... you're going to pay $12,000...no matter what.
I'm not sure how your particular %tages are calculated...but I'll use someone I know personally how they said their loans payments are factored: 5% ofevery payment is applied to the interest and 95% to the principle
so in essence.. you're paying $950 towards the principle every month.
that's $11,400 yearly
now.. do it the way I suggested.
make the min payment $200 per month
95% of that is $190...so that's $2,280 yearly
ADD to that $800 leftover that directly applied to the principle monthy ($800 x 12 = 9,600) and that's $11,880 yearly
compare the two...and you have a difference of $480... that's almost half a month's payment you saved just by maximizing your payment schedule.
..The math is probably slightly more complicated...as I didn't factor in daily interest rate...but the concept is sound. Pay down the principlefaster...which is what the interest rate is based on... and you'll end up paying less over the course of the loan.
you don't want to do that...
lets take an example.
say you owe 40K...
your min payment for the month is say $200, but you can afford to pay $1,000 - an $800 difference
yearly... you're going to pay $12,000...no matter what.
I'm not sure how your particular %tages are calculated...but I'll use someone I know personally how they said their loans payments are factored: 5% ofevery payment is applied to the interest and 95% to the principle
so in essence.. you're paying $950 towards the principle every month.
that's $11,400 yearly
now.. do it the way I suggested.
make the min payment $200 per month
95% of that is $190...so that's $2,280 yearly
ADD to that $800 leftover that directly applied to the principle monthy ($800 x 12 = 9,600) and that's $11,880 yearly
compare the two...and you have a difference of $480... that's almost half a month's payment you saved just by maximizing your payment schedule.
..The math is probably slightly more complicated...as I didn't factor in daily interest rate...but the concept is sound. Pay down the principlefaster...which is what the interest rate is based on... and you'll end up paying less over the course of the loan.
- 9,134
- 1,012
- Joined
- Nov 10, 2007
nm