This is very dirty and is just for demonstration purposes. Dividing the debt into two catagories: CTCondo and Credit Card/Loans, all on a 60 month repayment plan.Has anyone put together an estimate of what Phil's actual monthly minimums on all those debts are? Could he actually pay down his debt if he stopped spending his money on huffing wrestlers' electronic ball sweat?
Interest Rate: 5%
Interest Rate: 20%
Total Monthly Payment: $5350.19
I think with what Philip has been making for the last several years, there is absolutely no reason why he shouldn’t have been close to paying off the CTCondo. He could have doubled or tripled his monthly payments every month as knocked it out while spending less on interest in the long run. And he could have easily stayed on top of his credit card payments to bring them down as well and be poised to pay them off entirely once he finally did sell the CTCondo.