Comments on: Money Mistake #3 – Not paying attention to interest rates http://www.christianpf.com/money-mistake-3-not-paying-attention-to-interest-rates/ Christian Personal Finance - Financial help, debt help and other financial resources Sat, 21 Nov 2009 05:30:02 -0600 hourly 1 By: tom http://www.christianpf.com/money-mistake-3-not-paying-attention-to-interest-rates/comment-page-1/#comment-11431 tom Wed, 08 Apr 2009 15:09:01 +0000 http://www.christianpf.com/money-mistake-3-not-paying-attention-to-interest-rates/#comment-11431 Wow this is a great article, I wrote not too long ago about an experience I had with borrowing money to invest in RRSP and then finding out the true cost. In the end, i borrowed 2500, interest cost me 800 and i lost a ton of money in the end because the market was tanking. Also, to add to this, calculating interest cost is one thing but how about the value of the purchase. If you buy a car, you know you will lose around 20% in value each year but you are still paying principal plus interest on it. So does it make any sense to borrow money to buy a car especially if you can't even cover the interest. Wow this is a great article, I wrote not too long ago about an experience I had with borrowing money to invest in RRSP and then finding out the true cost.

In the end, i borrowed 2500, interest cost me 800 and i lost a ton of money in the end because the market was tanking.

Also, to add to this, calculating interest cost is one thing but how about the value of the purchase.

If you buy a car, you know you will lose around 20% in value each year but you are still paying principal plus interest on it.

So does it make any sense to borrow money to buy a car especially if you can’t even cover the interest.

]]> By: Ken http://www.christianpf.com/money-mistake-3-not-paying-attention-to-interest-rates/comment-page-1/#comment-11405 Ken Wed, 08 Apr 2009 09:45:21 +0000 http://www.christianpf.com/money-mistake-3-not-paying-attention-to-interest-rates/#comment-11405 I liked your point about discontinuing the use of credit cards. If you keep charging no particular rate is going to help. Good post! I liked your point about discontinuing the use of credit cards. If you keep charging no particular rate is going to help. Good post!

]]> By: RobD http://www.christianpf.com/money-mistake-3-not-paying-attention-to-interest-rates/comment-page-1/#comment-11366 RobD Tue, 07 Apr 2009 16:34:55 +0000 http://www.christianpf.com/money-mistake-3-not-paying-attention-to-interest-rates/#comment-11366 Thanks. Enjoyed this post very much. Once your eyes are opened...its amazing what you can see. Thanks. Enjoyed this post very much. Once your eyes are opened…its amazing what you can see.

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