Re: Paying Down Debt Question on Scenario
PugLover,
I have plugged in your numbers into my Debt Elimination Program.
I can only guess at how stressed you are.
From your list above. The C13 Credit card is the one that you should focus all your energy into paying off. Pay the minimums on all the rest, and if you can't.. let C4 or C8 get behind in payments.
The main thing is that you MUST reduce the number of cards you have. You MUST pay these off and CLOSE these accounts. You have far too many open do be doing your credit any good.
If you follow the plan below. You could have all your debt paid off in 33 months.
When you pay off a card... use the payment from that card and apply it to the next one... and so on.
Here's what my Debt Eliminator came up with Verbatim:
Your 1st identified target is the C13 Credit Card
Today you have a balance of $589.00 and a monthly payment of $60.00.
It will take approximately 12 months at $60.00 to pay it off.
Total in Payments: $665.75
Total Interest Paid: $76.75
Total Interest SAVED: $0.00
Your 2nd Target is the C16 Credit Card
Today you have a balance of $488.00 and a monthly payment of $39.00.
You’ll have already made 12 payments of $39.00 when you reach this debt.
Once the previous debt is gone, your C16 balance will be $128.70 and your payment will increase to $99.00.
It will take approximately 2 months at $99.00 to finish it off.
Total in Payments is $564.44
Total Interest Paid: $76.44
Total Interest SAVED: $2.77
Your 3rd Target is the C3 Credit Card
Today you have a balance of $2,701.00 and a monthly payment of $183.00.
You’ll have already made 13 payments of $183.00 when you reach this debt.
Once the previous debt is gone, your C3 balance will be $867.91 and your payment will increase to $282.00.
It will take approximately 4 months at $282.00 to finish it off.
Total in Payments is $3,176.29
Total Interest Paid: $475.29
Total Interest SAVED: $15.12
Your 4th Target is the C9 Credit Card
Today you have a balance of $832.00 and a monthly payment of $50.00.
You’ll have already made 16 payments of $50.00 when you reach this debt.
Once the previous debt is gone, your C9 balance will be $235.83 and your payment will increase to $332.00.
It will take Less than a month at $332.00 to finish it off.
Total in Payments is $1,021.35
Total Interest Paid: $189.35
Total Interest SAVED: $10.75
Your 5th Target is the C15 Credit Card
Today you have a balance of $496.00 and a monthly payment of $25.00.
You’ll have already made 17 payments of $25.00 when you reach this debt.
Once the previous debt is gone, your C15 balance will be $174.69 and your payment will increase to $357.00.
It will take Less than a month at $357.00 to finish it off.
Total in Payments is $585.39
Total Interest Paid: $89.39
Total Interest SAVED: $9.41
Your 6th Target is the C11 Credit Card
Today you have a balance of $750.00 and a monthly payment of $35.00.
You’ll have already made 17 payments of $35.00 when you reach this debt.
Once the previous debt is gone, your C11 balance will be $279.65 and your payment will increase to $392.00.
It will take Less than a month at $392.00 to finish it off.
Total in Payments is $872.35
Total Interest Paid: $122.35
Total Interest SAVED: $14.60
Your 7th Target is the C10 Credit Card
Today you have a balance of $750.00 and a monthly payment of $35.00.
You’ll have already made 18 payments of $35.00 when you reach this debt.
Once the previous debt is gone, your C10 balance will be $257.09 and your payment will increase to $427.00.
It will take Less than a month at $427.00 to finish it off.
Total in Payments is $874.60
Total Interest Paid: $124.60
Total Interest SAVED: $12.35
Your 8th Target is the C5 Credit Card
Today you have a balance of $1,750.00 and a monthly payment of $86.00.
You’ll have already made 19 payments of $86.00 when you reach this debt.
Once the previous debt is gone, your C5 balance will be $668.73 and your payment will increase to $513.00.
It will take approximately 2 months at $513.00 to finish it off.
Total in Payments is $2,247.95
Total Interest Paid: $497.95
Total Interest SAVED: $52.10
Your 9th Target is the C18 Credit Card
Today you have a balance of $1,528.00 and a monthly payment of $75.00.
You’ll have already made 20 payments of $75.00 when you reach this debt.
Once the previous debt is gone, your C18 balance will be $501.72 and your payment will increase to $588.00.
It will take Less than a month at $588.00 to finish it off.
Total in Payments is $1,974.66
Total Interest Paid: $446.66
Total Interest SAVED: $34.42
Your 10th Target is the C14 Credit Card
Today you have a balance of $555.00 and a monthly payment of $25.00.
You’ll have already made 21 payments of $25.00 when you reach this debt.
Once the previous debt is gone, your C14 balance will be $199.32 and your payment will increase to $613.00.
It will take Less than a month at $613.00 to finish it off.
Total in Payments is $711.31
Total Interest Paid: $156.31
Total Interest SAVED: $16.35
Your 11st Target is the C7 Credit Card
Today you have a balance of $1,268.00 and a monthly payment of $50.00.
You’ll have already made 21 payments of $50.00 when you reach this debt.
Once the previous debt is gone, your C7 balance will be $664.84 and your payment will increase to $663.00.
It will take approximately 2 months at $663.00 to finish it off.
Total in Payments is $1,714.26
Total Interest Paid: $446.26
Total Interest SAVED: $107.66
Your 12nd Target is the C2 Credit Card
Today you have a balance of $4,938.00 and a monthly payment of $147.00.
You’ll have already made 22 payments of $147.00 when you reach this debt.
Once the previous debt is gone, your C2 balance will be $2,843.72 and your payment will increase to $810.00.
It will take approximately 4 months at $810.00 to finish it off.
Total in Payments is $6,122.11
Total Interest Paid: $1,184.11
Total Interest SAVED: $356.59
Your 13rd Target is the C12 Credit Card
Today you have a balance of $720.00 and a monthly payment of $25.00.
You’ll have already made 26 payments of $25.00 when you reach this debt.
Once the previous debt is gone, your C12 balance will be $423.51 and your payment will increase to $835.00.
It will take Less than a month at $835.00 to finish it off.
Total in Payments is $1,064.37
Total Interest Paid: $344.37
Total Interest SAVED: $108.43
Your 14th Target is the C6 Credit Card
Today you have a balance of $1,452.00 and a monthly payment of $50.00.
You’ll have already made 26 payments of $50.00 when you reach this debt.
Once the previous debt is gone, your C6 balance will be $852.47 and your payment will increase to $885.00.
It will take Less than a month at $885.00 to finish it off.
Total in Payments is $2,164.60
Total Interest Paid: $712.60
Total Interest SAVED: $215.72
Your 15th Target is the C1 Credit Card
Today you have a balance of $5,094.00 and a monthly payment of $147.00.
You’ll have already made 27 payments of $147.00 when you reach this debt.
Once the previous debt is gone, your C1 balance will be $3,369.07 and your payment will increase to $1,032.00.
It will take approximately 4 months at $1,032.00 to finish it off.
Total in Payments is $7,458.16
Total Interest Paid: $2,364.16
Total Interest SAVED: $960.72
Your 16th Target is the C8 Credit Card
Today you have a balance of $1,230.00 and a monthly payment of $35.00.
You’ll have already made 31 payments of $35.00 when you reach this debt.
Once the previous debt is gone, your C8 balance will be $935.31 and your payment will increase to $1,067.00.
It will take Less than a month at $1,067.00 to finish it off.
Total in Payments is $2,014.32
Total Interest Paid: $784.32
Total Interest SAVED: $506.69
Your 17th Target is the C4 Credit Card
Today you have a balance of $1,858.00 and a monthly payment of $50.00.
You’ll have already made 32 payments of $50.00 when you reach this debt.
Once the previous debt is gone, your C4 balance will be $1,369.25 and your payment will increase to $1,117.00.
It will take approximately 2 months at $1,117.00 to finish it off.
Total in Payments is $2,958.68
Total Interest Paid: $1,100.68
Total Interest SAVED: $647.59
SUMMARY
Total Plan Time: 33 months.
Total of all Payments: $36,190.59.
Less Principal: $26,999.00.
Total Interest Paid: $9,191.59.
Total Interest SAVED: $3,071.28.
