Use NavCheck as consolidation loan?

[simi_go]

My NavCheck has a $15k limit, at 16.99% interest.  Just wondering what you guys think of using about $8-$10k to consilidate some higher interest rate debt?

[dddfresh]

Pretty sure nav check has a daily interest rate and would kill you in interest. Might want to call and ask or ask them for a personal loan maybe while you are at it

[Creditaddict]

Are your navy credit cards maxed?

[Elcid89]

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@dddfresh wrote:
Pretty sure nav check has a daily interest rate and would kill you in interest. Might want to call and ask or ask them for a personal loan maybe while you are at it

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+1 NavChek computes and compounds daily. You are paying interest on interest. Very bad idea IMO unless you can 1) pay it off relatively quickly, 2) have no other funding alternative and 3) are moving seriously high rate (like 25%+) debt. Otherwise, you'll get eaten alive in interest.

[simi_go]

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@Creditaddict wrote:
Are your navy credit cards maxed?

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No my other cards are not maxed.

[simi_go]

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@Elcid89 wrote:

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@dddfresh wrote:
Pretty sure nav check has a daily interest rate and would kill you in interest. Might want to call and ask or ask them for a personal loan maybe while you are at it

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+1 NavChek computes and compounds daily. You are paying interest on interest. Very bad idea IMO unless you can 1) pay it off relatively quickly, 2) have no other funding alternative and 3) are moving seriously high rate (like 25%+) debt. Otherwise, you'll get eaten alive in interest.

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The balances that I am looking to move are at 22.9% it is about $7k that I will be able to pay in full within 3 months, 4 at the absolute most.

[Elcid89]

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@simi_go wrote:

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@Elcid89 wrote:

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@dddfresh wrote:
Pretty sure nav check has a daily interest rate and would kill you in interest. Might want to call and ask or ask them for a personal loan maybe while you are at it

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+1 NavChek computes and compounds daily. You are paying interest on interest. Very bad idea IMO unless you can 1) pay it off relatively quickly, 2) have no other funding alternative and 3) are moving seriously high rate (like 25%+) debt. Otherwise, you'll get eaten alive in interest.

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The balances that I am looking to move are at 22.9% it is about $7k that I will be able to pay in full within 3 months, 4 at the absolute most.

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 At your NavChek rate, you'll be paying about $3.26 per day in interest on the $7,000, plus interest on the previous days' interest, less the payments that you make. ( assuming monthly payments).

You'd need to pay right at $1,813 per month in order to pay it off in 4 months, and it would cost you roughly $251.26 in interest (assuming, again, regular monthly payments).

[simi_go]

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@Elcid89 wrote:

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@simi_go wrote:

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@Elcid89 wrote:

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@dddfresh wrote:
Pretty sure nav check has a daily interest rate and would kill you in interest. Might want to call and ask or ask them for a personal loan maybe while you are at it

---

+1 NavChek computes and compounds daily. You are paying interest on interest. Very bad idea IMO unless you can 1) pay it off relatively quickly, 2) have no other funding alternative and 3) are moving seriously high rate (like 25%+) debt. Otherwise, you'll get eaten alive in interest.

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The balances that I am looking to move are at 22.9% it is about $7k that I will be able to pay in full within 3 months, 4 at the absolute most.

---

 At your NavChek rate, you'll be paying about $3.26 per day in interest on the $7,000, plus interest on the previous days' interest, less the payments that you make. ( assuming monthly payments).

You'd need to pay right at $1,813 per month in order to pay it off in 4 months, and it would cost you roughly $251.26 in interest (assuming, again, regular monthly payments).

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@Anonymous I am paying approximately $280 in interest on one card alone over the next 4 months @ 22.9%.  If you don't mind could you explain the math so that I can figure these kind of calculations on my own?  Also I plan on paying bi weekly about $1000 every two weeks.  Will that make the total interest that I pay lower?  I would think so becuase every 2 weeks I would be putting a big dent in the balance rather than doing it once a month.

[Elcid89]

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@simi_go wrote:

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@Elcid89 wrote:

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@simi_go wrote:

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@Elcid89 wrote:

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@dddfresh wrote:
Pretty sure nav check has a daily interest rate and would kill you in interest. Might want to call and ask or ask them for a personal loan maybe while you are at it

---

+1 NavChek computes and compounds daily. You are paying interest on interest. Very bad idea IMO unless you can 1) pay it off relatively quickly, 2) have no other funding alternative and 3) are moving seriously high rate (like 25%+) debt. Otherwise, you'll get eaten alive in interest.

---

The balances that I am looking to move are at 22.9% it is about $7k that I will be able to pay in full within 3 months, 4 at the absolute most.

---

 At your NavChek rate, you'll be paying about $3.26 per day in interest on the $7,000, plus interest on the previous days' interest, less the payments that you make. ( assuming monthly payments).

You'd need to pay right at $1,813 per month in order to pay it off in 4 months, and it would cost you roughly $251.26 in interest (assuming, again, regular monthly payments).

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@Anonymous I am paying approximately $280 in interest on one card alone over the next 4 months @ 22.9%.  If you don't mind could you explain the math so that I can figure these kind of calculations on my own?  Also I plan on paying bi weekly about $1000 every two weeks.  Will that make the total interest that I pay lower?  I would think so becuase every 2 weeks I would be putting a big dent in the balance rather than doing it once a month.

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Interest on this account is computed and compounded daily, so:

Principal of $7,000

Annual rate of 16.99% (0.1699), so the daily rate is 0.1699 / 365, or 0.000465499

So, on day one: $7,000 * 0.000465499 = $3.26 in daily interest. $7,000 + $3.26 = $7,003.26 new balance

Day two: $7,003.26 * 0.000465499 = $3.26 in daily interest. $7,003.26 + $3.26 = $7,006.52 new balance

And just keep repeating. When you make a payment, just subtract that amount from the accrued balance on the date that the payment posts, then run the same interest calculation that you had been running. This cycle continues, every night, until the loan is repaid in full.

[Creditaddict]

Seriously are your 2 Navy cards maxed??
You can transfer/cash advance from them to your checking and pay the credit cards or put in balance transfer.