Saturday, May 22, 2010

Does Your Debt Need a Diet?

If you had a $2,000 credit balance at 18% interest and your minimum payment is 4% of the balance or $80, it will take you about 9 years and 6 months to pay it off and you'll pay $1,116 in interest. By paying an extra $15 a month on this debt, you would SAVE $694 in interest and pay it off in 2 years and 2 months.

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