Mickey527
DIS Veteran
- Joined
- Feb 1, 2000
- Messages
- 4,956
Ok, I hope I can get this out for everyone who is budget minded to understand.
I am doing some home remodeling. I have about $1,000 on my Home Depot card right now and within the next two months will need to buy maybe another $2,000 worth of tools, wire, etc.. to finish the remodel on my kitchen.
I have budgeted $200 a month to pay off whatever I need.
My Home Depot charge card interest rate right now is 29.99%. I know, ridiculous, but I hardly ever use it.
I just got a great offer from Disney Visa for 2.99 for almost the next 18 months, it would have to be paid by 12/2010.
I did a little calculations on the $3000 amount and if I paid to Home Depot I would pay $807 in interest and it would be paid off in 20 payments.
If I used the check that the Disney Visa sent I would pay $63 in interest and it would take 16 months to pay it off. If I use the check Disney Visa would charge me a fee of 3% ($30) which I added into the $3000 to come up with the total amount due.
I can continue to pay the Home Depot account $200 a month and keep charging what I need, or use the check for the entire $3000 and have a credit at Home Depot and use it within the next month or two.
Ok, which would you budget savy people do?
Right now I owe about $300 on my disney Visa at an interest rate of 14.99. I know that any money I send monthly will go toward the lower interest rate so the $300 I owe now will be held over during the time I pay off the $3,000. Would I lose money if I don't pay this amount off right away? I can't find a calculator site for the interest I would owe on that amount if I don't manage to pay it off before charging the remodling stuff. I was going to call and ask if I can assign a certain amount say $50 toward the old debt and $150 to the new debt with the lower interest until the $300 is paid off in about 7 months.
way too much for me now, I have confused myself
I am doing some home remodeling. I have about $1,000 on my Home Depot card right now and within the next two months will need to buy maybe another $2,000 worth of tools, wire, etc.. to finish the remodel on my kitchen.
I have budgeted $200 a month to pay off whatever I need.
My Home Depot charge card interest rate right now is 29.99%. I know, ridiculous, but I hardly ever use it.
I just got a great offer from Disney Visa for 2.99 for almost the next 18 months, it would have to be paid by 12/2010.
I did a little calculations on the $3000 amount and if I paid to Home Depot I would pay $807 in interest and it would be paid off in 20 payments.
If I used the check that the Disney Visa sent I would pay $63 in interest and it would take 16 months to pay it off. If I use the check Disney Visa would charge me a fee of 3% ($30) which I added into the $3000 to come up with the total amount due.
I can continue to pay the Home Depot account $200 a month and keep charging what I need, or use the check for the entire $3000 and have a credit at Home Depot and use it within the next month or two.
Ok, which would you budget savy people do?
Right now I owe about $300 on my disney Visa at an interest rate of 14.99. I know that any money I send monthly will go toward the lower interest rate so the $300 I owe now will be held over during the time I pay off the $3,000. Would I lose money if I don't pay this amount off right away? I can't find a calculator site for the interest I would owe on that amount if I don't manage to pay it off before charging the remodling stuff. I was going to call and ask if I can assign a certain amount say $50 toward the old debt and $150 to the new debt with the lower interest until the $300 is paid off in about 7 months.
way too much for me now, I have confused myself
