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revramrod
IVC Dropout
Joined: 09 Oct 2002
Posts: 1409
Location: Calecia.com
  
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 Posted: 30 Oct 2002 11:38 PM Post subject: The most fucked up thing I've read in years |
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From clarkhoward.com:
"Say you owe $3,500 on a credit card and you are only able to pay the $70 minimum payment, it would take more than 30 years to pay it off."
Time to hit the mall, motherfuckers, the x-mas conspiracy is right around the corner. |
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elchrist
See-thru Afro
Joined: 09 Oct 2002
Posts: 7463
Location: Calecia.com
Votes: 14
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| Posted: 31 Oct 2002 08:44 AM Post subject: |
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| Clark Howard wrote: | | Here's an example: Say you owe $3,500 on a credit card and you are only able to pay the $70 minimum payment, it would take more than 30 years to pay it off. But if you split it up and paid $35 on May 14th and $35 on the May 28 due date, and you kept making a $35 payment every 2 weeks, you will pay off the card in less than 7 years. |
This doesn't make any sense to me. How does this reduce it down to 7 years from 30 years? |
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Mr.Tasty
Nervous Breakdown
Joined: 14 Oct 2002
Posts: 529
Location: EAST Calexico
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| Posted: 03 Nov 2002 02:45 PM Post subject: |
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| It's called mathematics. I'll get you a nice ball to play with. |
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Cking
Cholo Nako
Joined: 04 Dec 2002
Posts: 24
Location: Cyber Space
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| Posted: 13 Dec 2002 05:30 AM Post subject: |
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A shiney new ball!  |
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elchrist
See-thru Afro
Joined: 09 Oct 2002
Posts: 7463
Location: Calecia.com
Votes: 14
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| Posted: 13 Dec 2002 09:48 AM Post subject: |
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| Mr.Tasty wrote: | | It's called mathematics. I'll get you a nice ball to play with. |
You're still paying a total of $70 a month towards the $3,500 balance, so how does this reduce it down to 7 years? Does it cut down the interest by a lot?
Obviously you don't know either mofo...  |
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Cking
Cholo Nako
Joined: 04 Dec 2002
Posts: 24
Location: Cyber Space
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| Posted: 13 Dec 2002 02:13 PM Post subject: |
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| Its not the interest you are "cutting down" it's the Principle of which the interest is calculated. |
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elchrist
See-thru Afro
Joined: 09 Oct 2002
Posts: 7463
Location: Calecia.com
Votes: 14
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| Posted: 13 Dec 2002 02:24 PM Post subject: |
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| Cking wrote: | | Its not the interest you are "cutting down" it's the Principle of which the interest is calculated. |
Yeah that's what I meant, since the interest is calculated on a daily basis.
I tink I gots it. Tanks. |
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