Capital One sent me my monthly statement. I received it in the mail today.
I looked it over and thought, I cannot wait until this will be paid off in 14 months!
Then I remembered, I've been paying more than the minimum payment, with a couple of lump sum amounts thrown in here and there. I wonder when this puppy will be gone.
I ran the numbers at a Credit Card Payment Calculator.
If I only pay the minimum amounts, it will take 4 years and 2 months to be rid of this thing. Not bloody likely!
If I continue to pay $150.00 per month, it will take 2 years and 1 month for it to disappear. Better, but still crappy.
If I pay $200 per month, it will be gone in 1 year and 6 months. Better still, but not quite on my timeline.
So I sat down with a pencil, paper and calculator and did the numbers and payment amounts that I can live with.
Barring any unforeseen complications, I should be able to beat this into submission in exactly 14 payments.
Not ahead of the schedule that I had already figured out, but still on my timeline. Maybe, just maybe, I can find an extra dollar or two to add to my payments along the way.
I'm still on track, and that is just fine with me. :)
P.S.: I tried to run the numbers on Hubby's single remaining credit card, the MBNA. I know what the annual interest rate is, but I cannot for the life of me figure out how they get the monthly interest amount. I read all the fine print on the front and back, but still can't get numbers that match. Any suggestions? For the record, his interest rate is is a ridiculous 27.98%. The balance was $1481.37 and the interest amount charged was $32.44. Can anyone help me please?