I am new here! ‍♀️ I just paid off my lowest credit card - $500.00 - WHOOP!

Question

I am new here!  ‍♀️ I just paid off my lowest credit card - $500.I am new here! ‍♀️ I just paid off my lowest credit card - $500. 00 - WHOOP! Now- I am wanting to tackle my big one. $5200. 00. My interest rate is 27. 99%.  My minimum payments are $165/month. I thought one of those debt tracker pages where you colour them in would be a fun motivating way to go about it - so I downloaded one. Just not sure how to set it up. I guess my question is - how do I factor in the interest each month when colouring it? I am planning on paying over the minimum - should I be focusing on paying minimum + interest + any extra I can dump onto it? Interest alone one this one bill I'm looking at is 112. 86. I feel I may be over thinking it LOL ‍♀️

Answer 1

I just color in the amount my balance goes down from one statement to the next. That way it accounts for my payment and interest.  

Answer 2

I color it after the payment has processed and I see what the balance is. But I make payments every two weeks to help with the accruing interest on my loans.  

Answer 3

I did this for my car loan! I looked up the payoff amount and figured how much each block would be to equal the payoff amount. but I didn’t factor in the increased interest over the duration of the loan  I’m sure I will have to redo it later on but for now I’m just trucking along with the payment amount equals three and half squares and I’ll evaluate it better again later! I’m right there with you on the over thinking but it’s all in the consistency and keeping on keeping on!  

Answer 4

Thank you all! Totally was thinking about payments but waiting and colouring in what the balance is at makes sense!