Lordandmaster
Posts: 10943
Joined: 6/22/2004 Status: offline
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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.
< Message edited by Lordandmaster -- 2/24/2007 12:07:52 AM >
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