Get Out of Debt with $10
Ten dollars a month is all it take to pay of your credit card debt a lot faster if you are paying the minimum. How much is a lot faster?
If you have a five thousand dollar balance at an 18% interest rate and paid the minimum it would take about 26 year to pay it off. If you add an extra ten dollars over the minimum each month you’ll pay off the card in less than eight years.
You heard right, paid off in eight years, 18 years faster than the minimum payment.
Never pay the minimum. Always pay more. Stretch, scrimp and save get at least ten dollars a month to knock out your debt. Every dollar counts. Every dollar you pay off today counts way more than the dollars you pay in 5 or 10 years.
Good Luck!
See my take on Chase versus Citi in the 0% wars.
The amazing thing is to see how easy it can be to come up with that extra money each month by monitoring your spending and cutting out the impulse purchases.
My New Choice | October 16, 2006 05:19 PM