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Hmmm, paying off this debt is going to harder than I thought

July 15th, 2012 at 07:22 pm

Looks like paying off this line of credit will be a little trickier than I thought. That darned interest payment of $87 per month is really frustrating. Last week I was able to snowflake about $43. I did this by pinecone surveys (my first cheque arrived this week!), taste testing, some mileage expenses, and using my coin jar contents. I will be paying $100 per week against this debt but the net effect will be paying off only $1500, not the $5000 I wanted to achieve by the end of the year. Any suggestions for coming up with the extra $3500 are welcome. Perhaps you have an idea that might make this dream come true.

4 Responses to “Hmmm, paying off this debt is going to harder than I thought”

  1. ceejay74 Says:

    I don't think I understand the equation--could you explain it a bit more? $87 per month going to interest would be $1044 for a 12-month period, so not sure where you're getting that you would pay $3500 less by the end of the year because of the interest payments. Maybe I'm missing something else?

  2. wowitsawonderfullife Says:

    Hello Ceejay. Here's my thinking: I have 19 pay periods left at $100 paid per pay, less interest of $425 leaves a total of $1,475 to go against the balance. So I'm still $3,525 away from my $5,000 target.

  3. ceejay74 Says:

    Oh right, so even without interest factored in you only have $1900 of payments scheduled, and you want ideas to bring the net payments up to $5000? Sorry, I totally misread the original post and got all confused!

    Savingadvice.com has an article about trying to raise money fast: http://www.savingadvice.com/articles/2012/03/08/109660_30-ways-to-get-money-fast.html

    They also did a recent one about ways to get extra income without a second job:http://www.savingadvice.com/articles/2012/06/20/1010903_extra-income-doesnt-have-to-mean-a-second-job.html

  4. wowitsawonderfullife Says:

    Thanks for the articles. I'm going to look into three of them right away. I'll let you know how it goes. More ideas are always welcome.

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