Paying off my $2000 Credit Card Debt (pay, rate, transfer, charge)
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Hello. I am new to the credit card deal and have about$2,000 in debt. I’ve been paying the minimum balance for a few months, and willcontinue to do so until December. Starting in December, I would like to pay $500a month until I pay it off. I am looking at 500 X 4 (Once a month) payments, but I know therewill be interest accrued to pay off in the end. Right now my card is at 19.80%.Can anyone estimate the amount of interest that will build in the next fewmonths when I pay off the card
Once you pay it off.. I'd hack the card in half. That's a bad rate unless your credit is awful. Err.. Correction. I did the calculation off paying $1000 a month starting in January.. At $500/mo starting in January, looking at right about $135 in interest.
In order to calculate exactly how much, one needs to know how your minimum payments are calculated and there are different way to calculate that. Then every time you make a payment, your minimum would change.
To get a rough estimate just plug in the number in the following calculator (need to assume how your minimum is calculated as well as your current minimum values), then you get an amortization schedule.
If you're serious about this... apply for a chase slate card and do a balance transfer if you can get it. They offer no fee transfers and 0% interest(only card I know of with no transfer fee. Don't get tricked by other offers)
And like others have said... don't keep a balance on a card with a rate that high going forward.
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