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Effect of Interest Rate Drop

November 17th, 2011 at 05:40 am

Six months ago, the ineterest rate on one of my CCs dropped from 12.9% to 8.9%. I calculated an estimate of what the current balance would be if the interest rate had not dropped.

Balance in June: $8,775

Avereage monthly payment since June: $204.17

Current balance if $204.17 payments had been made at 12.9% int.: $8,098

Actual current balance: $7,931

Diiference: $167

Monthly difference: $27.83

The $27 per month difference is not life changing. My balance would still be rounded to $8,000 with or without the 4 percentage point drop. But, the rate drop is helping, and I'll take all the help I can get!

1 Responses to “Effect of Interest Rate Drop”

  1. Amber Says:

    Awesome, you're lucky my rate never drops but for some odd reason my credit limit is always being increased

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