When I did the April recap I realized that the smallest loan I’ve been focussing on charged me $1.03/day in interest. I decided to take a look at the big picture to see what this pesky interest monster really looked like.
Sallie Mae 1 ($3263 at 12.5%) charges $32/month or $1.03/day in interest.
Sallie Mae 2 (14,775 at 5.75%) charges 76.86/month or $2.48/day in interest.
Sallie Mae 3 (24,800 at 4.75%) charges $108.51/month or $3.50/day in interest.
Chase (21000 at 6.75%) charges $115.54/month or $3.73/day in interest.
That adds up to $332.91/month or $10.74/day in interest!
If seeing these numbers isn’t motivation to pay off debt ASAP, I don’t know what is.
I could eat Chipotle every day with that money! Or the more frugal side of me sees that as a month’s worth of grocery money or even rent in some places!
Fortunately, I’m working to bring that number down as quickly as I can. My debt repayment, at least for the month of April, allows me to pay $47.18/day. I’m beating debt faster than it can grow and it’s only going to get better!