The loan came through from my 403(b) account and I’m proud to say that I have paid off another credit card. My remaining balance on the credit card was $1,839.70 at 28.24% interest. Paying the minimum payment due ($91.00) would have ultimately taken six years and eleven months to pay off and would have cost me an additional $1318.00 in interest according to the debt reduction calculator.
Instead I took a $1,900.00 loan from my annuity at 5% interest and if I only make the $95.00 minimum payment each month it will take me four and a half years to pay back with only an additional $145.00 in interest. Doing the quick math I just saved myself $1,173.00 in interest.
Now the great thing on top of all this is that with the 403(b) loan all the interest goes back into my account.
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