Go to Jeff Salisbury LWGate Home Page.From: "L. Chen" <am302@freenet.buffalo.edu>
Subject: Re: "magic" debt reduction
Date: Mon, 12 Apr 1999 02:52:37 -0400 (EDT)
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> ............. > The page featured a matrix that would tell you how long it would be until you > were debt-free by taking your total debt vs. your minimum pmts +10% of your > income. Mine came out to 9 yrs - I'm less than 1 yr into a 30 yr mortgage, > have no credit card bills, and will have my car loan and student loan paid > off early this year. It didn't take interest rates into account at all. Of > ............... I can't speak to the "9 years". But conceptually, the idea is to pay more than the minimum/required payment. How fast your loans can be paid off depends on how much you can afford to pay -- in addition to the min/required amount. Since their "formula" includes 10% of your income, if you have a higher income - -- relative to your loan payments, then it could be paid off fairly quickly. e.g. if your income is 500K/yr and your total loan is 200K; 10% is 50K/yr -- in addition to your min. payments. Chen - -
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