At your current balance, interest rate, and minimum payment, your balance will still be around $4,300 after thirty years - by which time you will have paid them approximately $22, 800 to lower your balance by a measly $1,700. That's assuming you never use the card again. At $60/month, only $5.50 is going toward the principal. It will take you 91 years to pay off a $6,000 balance at $5.50/month. All the rest is interest.
Even if you double your payment and pay them 2% ($120) each month, it will take you 24 years and 5 months to pay off the balance, by which time you will have paid them $10,800. You really need to start making $300-$400 payments each month if you want to pay off that card before you have grandchildren.
I would cut up the card with a pair of scissors, and use every spare dollar available to pay down the balance every month. And I mean every spare dollar. Whenever you get a bit of money (tax return, sell something, etc.) use it to pay off that card. Remember that every dollar you give them this month will save you twenty in the long run.
Fucking banks - this is how they repay taxpayers for the $750B blowjob we gave them.
(Not that they haven't been doing it for years before that, though . . .)
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If you want to avoid 95% of internet spelling errors:
"If your ridiculous pants are too loose, you're definitely going to lose them. Tell your two loser friends over there that they're going to lose theirs, too."
It won't hurt your fashion sense, either.
Last edited by yournamehere; 11-03-2009 at 11:38 AM..
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