Calc needed to proof out credit card rate reduction

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Permalink Reply by Integrity Debt Resolution, LLC on March 18, 2010 at 12:01pm

Hi Lance,

Hoping I can assist you here...not quite sure if I can. I will give it a try though. I can provide you a calculator model that would be able to demonstrate how much your monthly payment would be if you paid x amount in interest, or x amount each month and how long it will take for you to pay that debt back...

Cynara Blackwood
Integrity Debt Resolution, LLC

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Permalink Reply by Carlos Molinas on March 18, 2010 at 12:10pm

Can you provide a spreadsheet or link? THANKS!

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Permalink Reply by Lance Best on March 18, 2010 at 12:52pm

What I want to know is what equation I use in excel. I would like to "see" what the % saving is if I pay the credit card min pmt, but divied it into two pmts per month along with fixing the min pmt at what ever the starting min is. So what happens is there should be % savings because credit card prin is being paid down before interst charges are calc and by fixing the min pmt at the beginning I am no longer allowing the credit card company to fix my min pmt to a percentage of the loan. Both should reduce my term and interst charges. I just do not know who to put it into an equation.

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