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I was just doing the reconciliation of the credit card we use for the business. It was a very low balance this month, Not much over 2 grand. I have it set up to pay the statement balance on the day it is due automatically.
I happened to look over at the payment options on the statement. If we were stupid enough to pay just the minimum payment of $22 per month and never have a late payment it will only take 15 years and we would pay over 4 grand total. Or if we pay $72 per month it pays off in 3 years, and is only $2643. I like the pay it all off this month option a lot better and avoid the 13.65% interest rate. So far I have paid $0.00 on the credit card in the total time I have had it and plan to stay at that amount.
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Glen
49 Year member of the Porsche Club of America
1985 911 Carrera; 2017 Macan
1986 El Camino with Fuel Injected 350 Crate Engine
My Motto: I will never be too old to have a happy childhood!
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