Comments on: How Much Interest do I pay to Financing Companies and Banks? TOO MUCH!

By: How Much Does Your Debt Cost? | fivecentnickel.com

How Much Does Your Debt Cost? | fivecentnickel.com — Thu, 12 Nov 2009 12:01:33 +0000

[...] How Much Interest Do I Pay? TOO MUCH! – MyJourney said his calculations made him “sick to [his] stomach!” [...]

By: Evan

Evan — Wed, 04 Nov 2009 21:19:34 +0000

100% correct, but I still need to determine which debt I am going to Attack

By: Evan

Evan — Wed, 04 Nov 2009 21:18:27 +0000

We should start a Movement! This literally angered me lol

By: Matt Jabs

Matt Jabs — Wed, 04 Nov 2009 17:00:22 +0000

Exactly. For example, the post I wrote that you mentioned is actually an update to my first post back in April. 6 months later I am paying $58 less every month! That progress is very encouraging and is a steady motivator for me to keep POUNDING debt so I can watch the numbers dwindle and keep putting more & more money back in my pocket.

It’s basically reverse compound interest!

By: Patrick

Patrick — Wed, 04 Nov 2009 16:06:38 +0000

Wow, eye-opening indeed! I would definitely contact your student loan company to determine what is going on with loan number 2. The good news is that the more you pay down your debt, the lower your principal, and the less interest you pay. So as long as you make continuous payments and don’t add debt, your ratio will improve.

By: Matt Jabs

Matt Jabs — Wed, 04 Nov 2009 15:46:16 +0000

Way to go man… I’m so surprised I haven’t heard much more of this idea catching on, glad you found it and used it – soooo eye opening.

If people want to get really mad at their debt, this is one calculation they need to make ASAP!

The good news is… the turtle wins the race every time!

Cheers man.