I'm horrible at math, but I love running numbers using online (and my home-grown Excel) calculators.
The SmartMoney website has a couple of calculators, which I'm using to 'test' my own Excel worksheets, which are helping me figure out when I'll be free of my credit card debt. My Excel calculator tells me that if I pay $550 a month (plus $1,000 in May, after I've received my 'rebate') I'll be consumer-debt free by mid-September of this year! In that time, I'll pay $32.22 in interest (at a 4.99% rate), according to the Excel worksheet.
Meanwhile, the SmartMoney calculator, included in an article regarding Digging Out of Debt, indicates that my credit card will be paid off in five months (by August), and that I'll pay $37 in interest during that time.
So, there is a slight difference between my own worksheet and the fancy one on the SmartMoney website, but they're close enough that I know I can trust my home-grown version. That won't stop me from playing around with the numbers online at other sites I might find, though!
Thursday, March 27, 2008
Frugal calculators. . .
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1 comment:
Very informative post. I myself have gone through financial trouble and I am currently enjoying my debt-free status. First, I consulted a friend who is a debt expert before taking action in solving my financial issues. Luckily, consultation is free and I was able to ask him about what's the best thing to do in order to pay my credit card debts. He recommended to use financial calculators available online but warned me that there are some calculators that are not reliable. Fortunately, everything went fine with my chosen online debt calculator.
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