Second Job To Pay Off Credit Cards – How Long Will It Take?

A couple months back Brian had a post with a funny comic about taking extra jobs to pay off credit card debt. Well, that inspired me to actually answer the question “How long will I have to work a second job to pay off my credit card debt?”

Below I will go over several crappy jobs I have actually held myself. I will calculate how long you will have to work them [as a second job] if you wanted to pay off $5,000 of debt that continues to accrue at an 18% interest rate. For simplicity, in all of the examples below I’ll assume 25% of the paycheck goes towards taxes.

Job: Retail store worker (I would tell you the specific store I worked at but it’s too embarrassing to say)
Duties: Getting blisters from standing all day, folding clothes that get messed up two minutes later by a customer, etc.
Pay: Minimum wage and today that would be $8.00/hour in California
Hours per week: 20 hours
How long will it take: It will take you 11 months to pay off the credit card completely. During that time, you would pay an additional $446.37 in interest.

Job: Door-to-door fund-raising for California League of Conservation Voters
Duties: Walking around in the hot sun and getting doors slammed in your face
Pay: up to 50% of funds raised if quotas were met. I never once met quota, which meant I only got minimum wage (which today would be $8)
Hours per week: 12 hours
How long will it take: It will take you 19 months to be rid of your debt. In that time, you will pay $772.92 in interest.

Job: Pet store worker
Duties: Clean poop from lizard aquariums, rodent cages, and rabbit cages
Pay: minimum wage ($8/hour today)
Hours per week: 15 hours
How long will it take: You will be scooping poop for 15 months before become debt free and during that time another $603.20 will be paid on interest. Or in other words, you will scoop poop for an extra 100.5 hours just to pay the interest during those 15 months.

Job: Movie extra
Duties: Essentially you are a moving prop
Pay: minimum wage, minus $10 “booking” fee per gig and minus $15 “check issuance fee” per gig (both of which are illegal, but that doesn’t stop the payroll companies from doing it anyway on non-union jobs). Not to mention, the location is usually on the other side of town and you are going to use a half-tank of gas round trip driving through LA traffic, but we won’t include the gas/driving costs in this calculation.
Hours per week: 10 hours, which is average for one day of extra work
How long will it take: 22 months and during that time you will have paid another $890.73 in interest charges

Lesson?
Stay out of debt! If you rake up credit card debt, working a second job to pay it off is going to be torture.

This post was written by guest blogger Mike from Credit Card Forum, where he writes reviews for the best credit card deals (his favorite being gas credit cards). It should go without saying that those credit cards along with every other are a very bad idea if you won’t pay in full every month… as demonstrated in the above examples!

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Trackback URL http://mynextbuck.com/second-job-to-pay-off-credit-cards-how-long-will-it-take/trackback/

Second Job To Pay Off Credit Cards – How Long Will It Take?

A couple months back Brian had a post with a funny comic about taking extra jobs to pay off credit card debt. Well, that inspired me to actually answer the question “How long will I have to work a second job to pay off my credit card debt?”

Below I will go over several crappy jobs I have actually held myself. I will calculate how long you will have to work them [as a second job] if you wanted to pay off $5,000 of debt that continues to accrue at an 18% interest rate. For simplicity, in all of the examples below I’ll assume 25% of the paycheck goes towards taxes.

Job: Retail store worker (I would tell you the specific store I worked at but it’s too embarrassing to say)
Duties: Getting blisters from standing all day, folding clothes that get messed up two minutes later by a customer, etc.
Pay: Minimum wage and today that would be $8.00/hour in California
Hours per week: 20 hours
How long will it take: It will take you 11 months to pay off the credit card completely. During that time, you would pay an additional $446.37 in interest.

Job: Door-to-door fund-raising for California League of Conservation Voters
Duties: Walking around in the hot sun and getting doors slammed in your face
Pay: up to 50% of funds raised if quotas were met. I never once met quota, which meant I only got minimum wage (which today would be $8)
Hours per week: 12 hours
How long will it take: It will take you 19 months to be rid of your debt. In that time, you will pay $772.92 in interest.

Job: Pet store worker
Duties: Clean poop from lizard aquariums, rodent cages, and rabbit cages
Pay: minimum wage ($8/hour today)
Hours per week: 15 hours
How long will it take: You will be scooping poop for 15 months before become debt free and during that time another $603.20 will be paid on interest. Or in other words, you will scoop poop for an extra 100.5 hours just to pay the interest during those 15 months.

Job: Movie extra
Duties: Essentially you are a moving prop
Pay: minimum wage, minus $10 “booking” fee per gig and minus $15 “check issuance fee” per gig (both of which are illegal, but that doesn’t stop the payroll companies from doing it anyway on non-union jobs). Not to mention, the location is usually on the other side of town and you are going to use a half-tank of gas round trip driving through LA traffic, but we won’t include the gas/driving costs in this calculation.
Hours per week: 10 hours, which is average for one day of extra work
How long will it take: 22 months and during that time you will have paid another $890.73 in interest charges

Lesson?
Stay out of debt! If you rake up credit card debt, working a second job to pay it off is going to be torture.

This post was written by guest blogger Mike from Credit Card Forum, where he writes reviews for the best credit card deals (his favorite being gas credit cards). It should go without saying that those credit cards along with every other are a very bad idea if you won’t pay in full every month… as demonstrated in the above examples!

3,141 Responses to Second Job To Pay Off Credit Cards – How Long Will It Take?
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