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Originally Posted by fountainAtlas  Good for you. |
Yes, I just thought I'd better show I'm not completely useless/unproductive.
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I am going to assume that you live in USA.
At $6.55 an hour the current minimum wage in America, you would be able to gross, $13,264 a year working 40 hours a week, before taxes. After Medicare and social security you would have $12,249.30, from this you would have to pay federal taxes of about 8% (if your parents claim you as a dependent), leaving about $11,270, cut off another 2% for state and another 3% for conservatism on my calculations and you get take home pay of about $10,700 or $891 a month.
Assuming you have 13k in debt at 30%, you can pay it all off in 5 years and still be able to save over $470 a month. If you apply the total 891 to reducing your debt you can be debt free in about 18 month. If the interest rate is lower or you can make more a month, you can be free even quicker.
I did this to show you that you can be free if you are willing to work. Further, there are many ways to reduce your rates which would allow you to pay this back even quicker.
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Thanks. I didn't realize it might possibly take only a year and a half.
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I have had at least one credit card since the age of 16 and in that time(8 years)
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Ah, you're younger than I thought. Younger than me, it seems.
Great, that means now I can tell you things like, "Now listen to me sonny, respect your elders"...
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I have paid not a single penny in finance charges (I have paid 30 dollars for annual fee card). I use my credit cards daily and pay off the balance in full ever month.
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Excellent. I'm in favor of a credit card boycott but paying off your balance in full every month is the next best thing, in my opinion.
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Again you signed the agreement and it is well within your means (If you have health issues that I am not aware of that would prevent you from holding a min wage job then I retract my comment) to pay off the debt,
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Nothing but insomnia, I guess. As tormenting as it is, having a looooow threshold for boredom isn't exactly a health issue...
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you just don't want to, because you feel it is unjust.
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Precisely.
Yes, I'm enjoying this too.
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I will try to write more tomorrow.
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OK then.
Best wishes,
Apollia