Quote:
Originally Posted by kannibul
You're WAY better off paying as much as you can, as soon as you can, rather than "saving up to pay it off later".
Especially with credit cards. Those things cost you money daily depending on your balance from the previous day * (APR/days in year) = daily interest amount added to your balance...per day!
Rinse and repeat each day.
For example, if you have a 10K debt, 10% APR, tacks on $2.73 on day 1 of your billing cycle for an end of day balance of $10,002.73, the next day it costs you, $2.74, for an end of day balance of $10,005.47...rinse/repeat...
That's also why, if you pay off a credit card and have a zero balance, you end up with a balance the following month...because the accumulated interest isn't "shown" until the next billing cycle, however, it is calculated and added on DAILY.
It's also better to pay NOW rather than save up, because then you can't be drawn into buying something and delaying the payoff of debt.
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I totally agree with u n I'm leaning toward that mentality. But polarity has a point as far as when it comes down to buying property n needing credit. My credit is decent. I'm 710. Tryin to get at least 720 to 750 by time of purchase. I was thinking if I take a 10k finance at 6% n pay it off in a few months I might maybe be able to boost my credit further?
N by taking the partial loan. I can do a few small mods. Springs, sways, intake, head full exhaust.?
I'm not even sure... I gotta make up my mind by dec.
Respectfully, thanks guys for your input and advice. It will be taken into careful consideration.
