Comments on: How much Interest are YOU Paying? Get Mad at Debt!

By: JerryB

JerryB — Fri, 20 Nov 2009 23:38:33 +0000

RDS,
Is that 1.99% a permanent rate or introductory? If it’s scheduled to go up in the future I would suggest calculating how much you need to pay each month to have it paid off before it goes up. Even if that mean not paying a little extra on the house note.

Jerry
$29,067.68 to total debt freedom

By: Fighting Back Against the 'Too Big to Fail' Banks | Steadfast Finances

Fighting Back Against the 'Too Big to Fail' Banks | Steadfast Finances — Thu, 19 Nov 2009 04:37:23 +0000

[...] profits from your interest payments? Banks make a substantial proportion of their profits from the interest payments that you pay every month. So instead of giving 5 to 25 cents on the dollar back to the banks just for your business, how [...]

By: How Much Our Debt Costs - November 2009 | Debt Free Adventure!

How Much Our Debt Costs - November 2009 | Debt Free Adventure! — Wed, 18 Nov 2009 17:36:20 +0000

[...] How much Interest are YOU Paying? [...]

By: Monthly Debt Reduction & Savings Statement for Aug, Sept, & October 2009 - 3 in 1 Edition | Debt Free Adventure!

Thu, 05 Nov 2009 09:33:36 +0000

[...] 2nd Mortgage – We continued to pay double principle payments on our 2nd mortgage because it is only and extra $25. Yeah that’s right… when you have a 2nd 30 year mortgage, you pay virtually ALL interest for a lot of years before you knock down any noticeable intereset. If you are interested in getting mad at your debt, check out: How much Interest are YOU Paying? Get Mad at Debt! [...]

By: Calculating How Much Interest do I pay to Financing Companies and Banks? TOO MUCH! | My Journey to Millions

Wed, 04 Nov 2009 15:39:08 +0000

[...] Know How Much Interest You are Paying Each Month” and Matt Jabs at Debt Free Adventure titled, “How Much Interest am I Paying? Hint…its Less.” Interestingly Patrick uses just examples, and Matt uses his real [...]

By: Friday Finance Round Up – “I’m Still Here” Edition « Redeeming Riches

Fri, 30 Oct 2009 12:44:15 +0000

[...] How Much Interest am I Paying on Debt Each Month – Debt Free Adventure [...]

By: How Much Interest You Are Paying?

How Much Interest You Are Paying? — Fri, 30 Oct 2009 12:29:34 +0000

[...] How much Interest am I Paying? Hint… it’s Less.. [...]

By: Matt Jabs

Matt Jabs — Wed, 28 Oct 2009 03:18:22 +0000

Thanks FS. Honestly, I told my wife to night… with our plan in place, I already feel like I’m debt free. Now it’s just a matter of time & patience.

By: Matt Jabs

Matt Jabs — Wed, 28 Oct 2009 03:12:22 +0000

Awesome Samantha!

This amazing life of utter freedom from ALL debt that is befalling us – thanks to the Lord – is one of the best feelings I have ever had in my life.

I want to bring as many people as possible along for the ride! And I’m glad you and I are on the same team.

By: Samantha Porter

Samantha Porter — Wed, 28 Oct 2009 02:35:11 +0000

Since the very first mortgage payment, my husband and I threw extra money at our mortgage to go directly to principle. We will be making our third year anniversary payment this year on December 1st and guess what? We are actually ahead by 6 years on our mortgage. If you go to any financial website that calculates amortization tables, plug in your loan amount, interest and starting date of the loan. Look at the table and see where you’re at in terms of the amount of principle you still owe. Since we have paid a little bit extra every month for three years we have beaten down the principle to where we would be in 9 years if we just made the regular payment!!!!!

When we signed for our loan, the disclosure document said that we would pay over $400,000 in interest over the life of the 30 year loan. I told my husband right in front of the loan processor that we’ll never pay that amount and be paid off in 9 to 12 years. Her expression was one of utter confusion.

Sheckles are shackles – Ben Franklin

By: Financial Samurai

Financial Samurai — Wed, 28 Oct 2009 02:29:42 +0000

Great work Matt! Get angry at that debt and soon it will be no more. You have the right process going. It’s only a matter of time when you will have NADA, ZIPPO debt!!

Best, FS
.-= Financial Samurai´s last blog ..Financial Samurai $1,000 Giveaway & Your Chance To Make Millions Over Your Career! =-.

By: RainyDaySaver

RainyDaySaver — Tue, 27 Oct 2009 17:01:17 +0000

With a brand-new mortgage, our interest on that alone is $1200 (even with a “low” 5% interest rate)! We’ve been throwing a little bit more at the principal each month to knock that out. Other than that, we’re “only” paying $25/month on credit card interest thanks to a 1.99% balance transfer rate, but that’s 25 bucks that could be in our savings account.

Great exercise.
.-= RainyDaySaver´s last blog ..Planning For the Future =-.

By: Craig

Craig — Tue, 27 Oct 2009 16:48:53 +0000

that’s huge, now you have more money to save, and hopefully could even lower the debt more. That’s big progress in 6 months, congrats.

By: Matt Jabs

Matt Jabs — Tue, 27 Oct 2009 16:06:02 +0000

Oh you bet. Get this…

When we pay the minimum on our 2nd mortgage, only 8% of our payment goes toward principle! The other 92% goes straight into some fat cats pocket. OH MAN that makes me mad!

So we pay double principle on this loan, which makes me feel better. I can’t wait until this is the focus of my snowball. Grrrrrrr

By: Matt Jabs

Matt Jabs — Tue, 27 Oct 2009 16:02:13 +0000

You asked the million dollar question Lakita! Way to go. You are the winner of… well, how’s a pat on the back sound?

Here is a post I wrote that details how we need to Follow Through Financially

With this particular $58 dollars I am rolling into my debt snowball. It is going straight for the throat of that Lending Club loan!

By: Matt Jabs

Matt Jabs — Tue, 27 Oct 2009 15:55:51 +0000

Oh my word David, that is crazy.

Another awesome question to ponder would be… how much money does the average American pay in interest over their lifetime?

By: Lakita

Lakita — Tue, 27 Oct 2009 15:36:59 +0000

How are you paying yourself with your saved interest? Debt Snowball, savings, etc? .-= Lakita´s last blog ..Dance Ministry Ethics #2: Contracted Ministry =-.

By: David @ Money Under 30

David @ Money Under 30 — Tue, 27 Oct 2009 15:23:06 +0000

You’ve nailed down an incredible way to look at your debt that can really inspire you to get out faster when you realize that you’re just throwing that money away.

At one point I calculated I was paying several hundred dollars in interest every month on my debt and…this is really scary…I once figured out that my credit card debt had cost me about $15,000 in interest over several years. That’s right $15,000. Wasted. Gone. Good-bye.

If that isn’t reason to never go into debt again, I don’t know what is!
.-= David @ Money Under 30´s last blog ..What a Buyer’s Agent Can Do For You =-.

By: Matt SF

Matt SF — Tue, 27 Oct 2009 15:14:29 +0000

Excellent presentation of commonly overlooked problem. I would bet a majority of credit users are relatively unaware of the amount of money they pay in financial company profits versus how much they're paying down their debt. .-= Matt SF´s last blog ..The Great Unwind: Frugality, DeLeveraging, & Ethics Altering the Post-Crisis Consumer =-.

By: Kelly Whalen

Kelly Whalen — Tue, 27 Oct 2009 14:55:30 +0000

I really need to do this. Would be great motivation!