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Bank of America - Minimum Payments?

Senior Contributor

Re: Bank of America - Minimum Payments?

Bankrate.com has a calculator at:

 

http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 11 of 14
New Contributor

Re: Bank of America - Minimum Payments?

OMG!!! I just used that calculator on some cc balances I had a few months ago. 2400 cc at 2% min 21% interest

came to 14000 dollars in interest and 747 months or 62.5 years to pay back. I,m done with cc's.

going to avoid a balance on them like a bad STD. Smiley Surprised

getting there
TU 770 5/14/09
EQ 740
Message 12 of 14
Senior Contributor

Re: Bank of America - Minimum Payments?

Yes, don't carry balances and be done with paying minimums.  The CC's when used properly are very useful.  People get lulled into thinking, "it's just $20 per month" not realizing what that really means.

 

PIF or make set budgets to pay off in a set period of time.  It is always better to save the cash first, prior to the purchase, than to pay it off with interest by using credit.  But for those times when saving first can't wait (got to get that dental work or emergency plumbing fixed) you need to make sure you tighten the belt and get a good savings plan whipped into shape.

Message Edited by txjohn on 04-19-2009 02:00 PM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 13 of 14
Frequent Contributor

Re: Bank of America - Minimum Payments?


txjohn wrote:

Yes, don't carry balances and be done with paying minimums.  The CC's when used properly are very useful.  People get lulled into thinking, "it's just $20 per month" not realizing what that really means.

 

PIF or make set budgets to pay off in a set period of time.  It is always better to save the cash first, prior to the purchase, than to pay it off with interest by using credit.  But for those times when saving first can't wait (got to get that dental work or emergency plumbing fixed) you need to make sure you tighten the belt and get a good savings plan whipped into shape.

Message Edited by txjohn on 04-19-2009 02:00 PM

WELL SAID......I COULDN'T SAY IT BETTER MYSELF.....Sorry for shouting Smiley Very Happy

Equifax 787, TransUnion 793, Experian ? FAKO--> Who Cares
Message 14 of 14