These arent the exact figures but close a friend has 7k in CC debt at roughly 22%. If he can pay 500 a month to that 7k debt. what would his saving be over the life if I could loan him 2k at 0% but he has to pay me 100 a mo. Wich effectivly would lower him to paying 400 a mo. on 5k @ 22%.
I know you shouldnt loan money to friends, but I'm willing to write off the 2k and know the risk and I want to help him out. Trying to figure out how much this 2k would help over the life of his debt if I did it.
Thanks.
I know you shouldnt loan money to friends, but I'm willing to write off the 2k and know the risk and I want to help him out. Trying to figure out how much this 2k would help over the life of his debt if I did it.
Thanks.