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Shoutout to my brother who told me to stop paying the minimum on my credit card
He showed me the numbers for my $4,200 balance at 22% interest and I was shocked it would take me 11 years to pay off, so I doubled my payment and now I'm actually seeing progress after 6 months.
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morganl713mo ago
That 22% interest is brutal man, doubling the payment was a smart move
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charlieh743mo ago
My old car loan was at 19% back in 2016, felt like throwing money away every month. Started throwing any extra cash at it from side jobs, like mowing lawns and helping a neighbor clean out their garage. Knocked a 5 year loan down to just under 3 years that way. The interest savings were pretty decent, enough to cover a weekend trip to the coast. Doubling payments was probably the smartest thing you could do in that situation.
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evan_grant703mo ago
Wait, didn't @charlieh74 say their rate was 19%? I might be mixing up the threads here but I thought they mentioned 19% not 22%. I mean, either way both are pretty brutal, 22% would be even worse honestly. But yeah the whole side job thing is smart, even a little bit of extra cash helps when the interest is that high. I guess the main point still works no matter what the exact number was.
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