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04-30-2008, 01:24 PM
#15 (permalink)
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something you need to consider when stocking up!
If you have outstanding credit card bills...
If you are stocking up on say a year supply of paper towel - is the savings WORTH whatever you are paying x 18% compound interest?
For instance - if you buy 10 papertowel at $2 each - say regular price is $2.50 so you saved $5
If you had applied that $20 to credit card debt instead you buying a (year supply of paper towel) you would have saved even MORE money.
The interest on $20 in 3 months is $12.86 (@18%)
This ONLY applies if you carry a balance on a credit card - paying off your cards is the best way to save money! |