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Subject Author Date
Personal credit card amortization schedule Scherb066 02-10-2008
Posted by Scherb066 on February 10, 2008, 10:26 pm
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 I once reeived an e-mail detailing the impact of small to minimal payments
on credit card debt. It showed the total cost over some years.
If anyone has a copy of such a document - please post it here or provide a
link.

Regards, Ted



Posted by Rocinante on February 11, 2008, 4:32 pm
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 On Sun, 10 Feb 2008 21:26:17 -0600, Scherb066 wrote:

> I once reeived an e-mail detailing the impact of small to minimal payments
> on credit card debt. It showed the total cost over some years.
> If anyone has a copy of such a document - please post it here or provide a
> link.
>
> Regards, Ted

You could also use annuity formulas to compute it for your own debt.

--
Creativity is great, but plagiarism is faster!

RocinanteREMOVETHIS@gmail.com
2/11/2008 4:30:44 PM

Posted by Paul Thomas, CPA on February 11, 2008, 4:58 pm
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> On Sun, 10 Feb 2008 21:26:17 -0600, Scherb066 wrote:
>
>> I once reeived an e-mail detailing the impact of small to minimal
>> payments
>> on credit card debt. It showed the total cost over some years.
>> If anyone has a copy of such a document - please post it here or provide
>> a
>> link.
>>
>> Regards, Ted
>
> You could also use annuity formulas to compute it for your own debt.





Any loan amortization schedule program would be good too.

The variables of debt balance, interest rates, payment amounts, and new
charges will impact the amount of interest paid by any one card holder.





--
Paul A. Thomas, CPA
Athens, Georgia



Posted by Scherb066 on February 11, 2008, 8:33 pm
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I have looked at some regular amort tables, but they are all driven by a
fixed number of years to pay off a fixed debt.

I want something to show the effect of paying a small monthly amount to
emphacize the danger of only paying mimimum amounts for a long time.Of
course it's important to realize that this debt may never get paid.

One application would be to illustrate the damage incurred by accepting a
big student load and not ever be able to pay it off.

Ted



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