Take the smallest debt first, the capital one visa.

Back in August, I owed $690.

Had I paid the minimum, $16 or 3%, I would have shelled out $577 in interest in 76 payments over the next 6 years/3 months.

Gadzooks!

Next, capital one gold card.

Originally owed $990.

Paying the minimum, $27 or 3%, I would've shelled out $403 in interest in 52 payments over 4 years/3 months.

The annual interest rate is lower on the gold card hence the shorter repayment time and smaller interest. I'm guessing, I'm not finance person.

But as I was doing this experiment, I found something else out, know all those changes to the bankruptcy laws and how the minimum payments were going to increase across the board? Another reason for me paying these monsters down like a fiend. Well, it appears the gold card was going to be hell to pay very soon.

Back in late fall/early winter thru March, the minimum payment and annual rate was the same. In April, the Minimum Payment Percent jumped to 6 freaking %. Meaning, had I still owed the original amount, $990, my numbers would look like: minimum due $60, interest would be $152, total years, 1 year/6 months.

Granted, I would've paid it off quicker and w/less interest, but what if I couldn't afford the $30 jump? Remember, back then, gasoline ahd gone up. There's no guarantee I would've been able to handle that jump.

Man, I can't quite wrap my head around all these numbers, so just doing this mini exercise is mind blowing. :\