Simplifying Credit Card Debt
posted in Current Affairs, General |Again, I am putting information here because I am fully aware that deaf people need to take responsibility to educate themselves to manage money better. And debt is the biggest killer of all (Why do so many deafies get turned down by T-Mobile?)
This is a great website that will help you “visualize” your debt.
First, enter the interest rate that you’re paying, which is on your credit card statement. Leave alone the 2% Minimum Monthly Payment because it’s becoming an industry standard to help people pay off faster (yes, it kinda does “force” you to pay more every month, but then you’ll pay off sooner, and that’s the whole point).
On the right column, put down how much you owe and the minimum monthly payment on your credit card bill.
You have two choices: Fixed Pay or Minimum pay.
Click on the bar “Show me the money” and watch how many payments you have to make. It will tell you how much you’e paid for the year and how much further to go to pay off.
Go ahead and play with both choices. Play with “what if I pay this much more every month” and see how far it goes.
This is an excellent tool, and better to use than Quicken or any spreadsheet program.
