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Author Topic: oh the innumerate!  (Read 10168 times)

Fred93

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oh the innumerate!
« on: January 18, 2008, 03:21:34 pm »
This exchange is from a real listing.
http://www.prosper.com/lend/listing.aspx?listingID=262176
Quote
Q: I'm confused. If your credit card debts are at 19 and 20%, why would you want to replace it with a debt at 25%? Your payments will be higher. -michellesviolin
A: yes maam my credit card debts are at 19 and 20% but I have those cards for years now and until now I still owe them a great deal of money and I felt the balance does not go down.  In a month I am paying several cards with more than the required minimum payment.If i go with Prosper even if it is at 25% my monthly expenses are reduced it means more savings on my part.

No, you won't have "more savings" after replacing 19% debt with 25% debt.

How will our country survive this sort of innumeracy?


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Mtnchick

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Re: oh the innumerate!
« Reply #1 on: January 18, 2008, 03:27:33 pm »
And it looks like it's going to fund  :-\
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Staneslav

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Re: oh the innumerate!
« Reply #2 on: January 18, 2008, 03:28:11 pm »
a
« Last Edit: December 11, 2017, 01:07:10 pm by Staneslav »
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112233

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Re: oh the innumerate!
« Reply #3 on: January 18, 2008, 03:31:27 pm »
If you pay the minimum, perhaps he could be right if you add up the interest paid over the life of the debt. Someone tell him he doesnt have to pay the minimum. In fact, he can pretend to have a prosper loan, and pay whatever the monthly amount would be directly to his credit card.

Perhaps he has no will. A prosper loan "forces" him to pay the debt off in three years. But if he has no will, Im willing to bet his credit card balances will be right back where they are now in a yr.

The bottom line though is that it makes no sense, just as fred said  ;D
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yankeefan

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Re: oh the innumerate!
« Reply #4 on: January 18, 2008, 03:44:58 pm »
I've got 40 loans I'll sell you cheap so you can "force" them to pay off in 3 years. ;)
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cubbiesnextyr

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Re: oh the innumerate!
« Reply #5 on: January 18, 2008, 03:46:37 pm »
Quote
Q: I'm confused. If your credit card debts are at 19 and 20%, why would you want to replace it with a debt at 25%? Your payments will be higher. -michellesviolin
A: yes maam my credit card debts are at 19 and 20% but I have those cards for years now and until now I still owe them a great deal of money and I felt the balance does not go down.  In a month I am paying several cards with more than the required minimum payment.If i go with Prosper even if it is at 25% my monthly expenses are reduced it means more savings on my part.

That's easy.  You need to STOP CHARGING NEW PURCHASES TO THEM!  Then the payments will make the balances go down...  ::)
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Fred93

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Re: oh the innumerate!
« Reply #6 on: January 18, 2008, 03:53:40 pm »
Quote from: cubbiesnextyr on January 18, 2008, 03:46:37 pm
That's easy.  You need to STOP CHARGING NEW PURCHASES TO THEM!  Then the payments will make the balances go down...  ::)

The Saturday Night Live skit comes to mind.
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Fred93

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Re: oh the innumerate!
« Reply #7 on: January 18, 2008, 03:55:42 pm »
Quote from: Mtnchick on January 18, 2008, 03:27:33 pm
And it looks like it's going to fund  :-\

Ya'know, this may be a fine honest hardworking person, who will repay.  Credit grade says so.  Understanding money and working hard to repay a loan are not the same thing.

I might even bid, depending on where the rate ends up.

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Tokyo Joe

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Re: oh the innumerate!
« Reply #8 on: January 18, 2008, 04:55:35 pm »
Quote from: cubbiesnextyr on January 18, 2008, 03:46:37 pm
Quote
Q: I'm confused. If your credit card debts are at 19 and 20%, why would you want to replace it with a debt at 25%? Your payments will be higher. -michellesviolin
A: yes maam my credit card debts are at 19 and 20% but I have those cards for years now and until now I still owe them a great deal of money and I felt the balance does not go down.  In a month I am paying several cards with more than the required minimum payment.If i go with Prosper even if it is at 25% my monthly expenses are reduced it means more savings on my part.

That's easy.  You need to STOP CHARGING NEW PURCHASES TO THEM!  Then the payments will make the balances go down...  ::)

I was going to say something like this, but I see that cubbies already fielded it nicely.
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j9359

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Re: oh the innumerate!
« Reply #9 on: January 18, 2008, 05:09:05 pm »
Looks like Moderate Portfolio standing order #2 at work.
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ratchetr

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Re: oh the innumerate!
« Reply #10 on: January 18, 2008, 09:39:33 pm »
Quote from: Fred93 on January 18, 2008, 03:21:34 pm
How will our country survive this sort of innumeracy?

National Debt: $9,187,584,466,089.71

We probably won't.
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ducks

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Re: oh the innumerate!
« Reply #11 on: January 18, 2008, 10:12:07 pm »
It could still be bid down.


The listing, not the national debt. The national debt isn't going to be bid down.
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nonattender

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Re: oh the innumerate!
« Reply #12 on: February 09, 2010, 08:40:59 pm »
hmm.

-t
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The_Cat

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Re: oh the innumerate!
« Reply #13 on: February 09, 2010, 09:41:42 pm »
Quote from: Fred93 on January 18, 2008, 03:21:34 pm
This exchange is from a real listing.
http://www.prosper.com/lend/listing.aspx?listingID=262176
Quote
Q: I'm confused. If your credit card debts are at 19 and 20%, why would you want to replace it with a debt at 25%? Your payments will be higher. -michellesviolin
A: yes maam my credit card debts are at 19 and 20% but I have those cards for years now and until now I still owe them a great deal of money and I felt the balance does not go down.  In a month I am paying several cards with more than the required minimum payment.If i go with Prosper even if it is at 25% my monthly expenses are reduced it means more savings on my part.

No, you won't have "more savings" after replacing 19% debt with 25% debt.


Of course he'll have more savings. I can't believe you guys didn't pick up on this. Let me demonstrate the math:

Credit cards= minimum payments= balance does not go down

Prosper loan= a payment he'll stop making after a few months= a Prosper write off

Poof problem solved no more debt and SAVINGS!
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The_Cat

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Re: oh the innumerate!
« Reply #14 on: February 09, 2010, 09:43:02 pm »
doh! I just noticed the dates. Did he fund? Did it default?
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