To those smug individuals asking if I am smarter than a subprime borrower, then I have a subprime math question for you.

Your minimum credit card payment is $113. The distribution of the payment was $60.24 interest. Show that as a fraction (60.24/113) Then solve for percentage (60.24 divided by 113 =). If you only make the minimum payment, then 53.3% is interest you pay to the bank and 46.7% actually reduces the balance owed.

On a basic savings account, the interest rate paid is .24%. If you deposit $100 for a year, how much will the bank pay you? (The bank will pay TWENTY FOUR CENTS.) A one time reduction of $100 on your credit card balance, will save the interest rate percentage charged over one year. At 13.24% interest APR you will NOT pay the bank $13.24 over 12 months. At 29.99% interest you will NOT pay the bank $29.99. If you double the $100 payment, then the amount you do NOT pay the bank in interest will also double.

I will pay more than the minimum payment and attempt to make every dollar I spend more productive. Every dollar I save in interest is money I have NOT Paid some bank or rich executive.