# Personal Credit Loan

**URL:** https://forums.speedlife.net/t/personal-credit-loan/50472
**Category:** NYSpeed Off Topic
**Created:** [June 23, 2008, 1:58pm UTC](https://forums.speedlife.net/t/personal-credit-loan/50472 "2008-06-23T13:58:33Z")
**Posts on this page:** 1
**Showing post:** 11

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### Author: ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)
#### Post date: [June 23, 2008, 2:48pm UTC](https://forums.speedlife.net/t/personal-credit-loan/50472/11 "2008-06-23T14:48:39Z")

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How about some actual facts & numbers?

> [@boxxa](#):
>
> Well I was throwing $200 a month at it. My big concern is that of one bill, 50 is the min payment and 25 of that is interest. I have excellent credit so I am trying to knock off that card to a lower one, single payment.

Well, a PLoan @ 10% for 24 mos will run you $230 /mo., if you pay the minimums, over the life og the loan you’ll have paid $537 to interest.

If you open a Card @ 0% for 12 months, and pay $230 to it for 12 mos you’ll have paid off $2760 in prin and no interest.  
The rate can then adjust up (AS FAR AS) 29.99% but so long as you keep paying $230 / mo, you will pay the card off in 12 mos (24 total) and have only paid $360 in interest (before xfer & annual fees dependant upon your credit).

You have to have the discipline to do this without adding ANY new charges to the card, because that fucks up the balance tiers & where your extra pmts are applied.

Card for the win. AS LONG AS YOU DON’T START OPENING UP NEW CCARDS EVERY 3 MONTHS or something ridiculous, as this will lower your “average age of account” and start effecting your credit scores negatively.

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