As the year comes to a close, my final payments are made for the year on my various accounts. The first thing I wanted to do was calculate how much interest I paid this year compared to last, which a regular reader would know is the name of this blog. I paid $6,262 in interest in 2017 (this didn't include mortgage interest).
Interest. I can't promise that an education in all things money would have changed my life path, but an understanding on how various interest works might have been valuable knowledge to have before the age of 18.
In an effort to make the most of my debt payments while on this journey, I've utilized specific tools that I had at my disposal -- the 0% balance transfer offers through my multiple credit cards. I was able to transfer most of my debt balances (other than mortgage) to my credit cards at a 0% rate, which usually lasts for 15 months.
Would I suggest this to everyone? No.
It's a choice that I made; the 15 month windows, combined with knowing every cent I paid was knocking down principle, proved very motivating.
And the numbers are in - I paid $4,017 in interest/balance transfer fees in 2018. I accepted the balance transfer fees knowing the money that would be saved in the long run.
I'm not done. I still have balances. I'll be making payments through 2019, with a goal for those balances to be gone and for my interest/fees to be under $1000.
Onward!
Interest. I can't promise that an education in all things money would have changed my life path, but an understanding on how various interest works might have been valuable knowledge to have before the age of 18.
In an effort to make the most of my debt payments while on this journey, I've utilized specific tools that I had at my disposal -- the 0% balance transfer offers through my multiple credit cards. I was able to transfer most of my debt balances (other than mortgage) to my credit cards at a 0% rate, which usually lasts for 15 months.
Would I suggest this to everyone? No.
It's a choice that I made; the 15 month windows, combined with knowing every cent I paid was knocking down principle, proved very motivating.
And the numbers are in - I paid $4,017 in interest/balance transfer fees in 2018. I accepted the balance transfer fees knowing the money that would be saved in the long run.
I'm not done. I still have balances. I'll be making payments through 2019, with a goal for those balances to be gone and for my interest/fees to be under $1000.
Onward!
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