can someone point me to a calculator?

Avatar for fire_bug
iVillage Member
Registered: 03-25-2003
can someone point me to a calculator?
4
Wed, 02-04-2009 - 9:58pm

I'm trying to figure out where to put the biggest chunk of our tax refund.

I need a calculator that will help me determine how much I'll save by putting an extra lump sum on the card(s). We have two major CCs - a Discover with a balance of about $13,500 at 28.99% and a Citibank with a balance of about $5,500 at 14.24%. When I first started to plan what to do with the tax refund, I had planned on putting it toward the Citibank because at that time it also had a 28.99% rate. When they lowered it so much I thought we'd put it toward the Discover. By the time we put some aside for an EF and pay some outstanding things, we should have $2,000-$3,000 left to put toward debt. Yesterday we got a letter in the mail from Citibank. They're doing this program where if you pay at least $150 more than your minimum payment in any or all of the next 4 months, they'll credit your bill with 10% of the extra amount up to a total of $250. If we have $2,500 extra to put toward Citibank, that means we could get our balance below $3,000 and then we'll get a credit for another $250. I don't know if I could save that much by putting the lump sum toward Discover. Discover will automatically reduce our interest rate after 6 months of on time payments. Next month will be 6 months, but I doubt they would drop it as low as 14.24% Which way do you think would be better? If it makes any difference, both cards are near their limits.


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Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 02-05-2009 - 8:59am

Bankrate has changed the look/feel of their calculators, so I'm not entirely sure which one would be your best bet, but here is a link to their collection of cc calculators: http://www.bankrate.com/brm/calculators/credit-cards.asp

Hopefully one of them is "the one."

All my best,
Danni
cl-phocid, Debt Support Group



All my best,
Danni

iVillage Member
Registered: 09-07-2003
Thu, 02-05-2009 - 9:08am

Amy ~


I tried to respond last night, but the computer kept freezing.

Teresa
http://www.affordingpickles.blogspot.com

iVillage Member
Registered: 11-17-2007
Thu, 02-05-2009 - 9:45am

I don't know about the calculator but I sure would call citi about the letter they sent you. Make sure that it will apply to your account and do that Even if it would mean putting the money in the bank and dividing it by 4 so you will get a total benefit from the program.


I am guessing this you understand You got a balance of 5,500 Pay your normal payment of 105.00 then give them 625.00 extra a month for 4 months 2500.00 then they give 250.00


420.00 payment


2500.00 extra


250.00 from them


that would be a total of 3170.00 off 5500.00 right plus interest.


But that would leave you a balance of around 2330.00 plus interest which means your payment would go down to like 46.00 a month with a saving of 60.00 to give to discovery. extra


Just an idea


Mary Ann


Avatar for fire_bug
iVillage Member
Registered: 03-25-2003
Thu, 02-05-2009 - 5:13pm
Thank you!


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