Debt Relief and Calculating Your Debt
The first step to getting control of your finances is to make a list of your debts. Make sure it includes the following information:
- The lender’s name
- The amount you owe
- The term of the loan
- The interest rate and fees
Debt Relief and The Power of 50
Paying the minimum amount on your credit card debt will make sure you stay in debt for a very long time.
Paying just $50 above the minimum amount due each month will make an incredible difference in how quickly you can pay down what you owe. If you pay an additional $50 per month toward your $3,000 balance for a total payment of $110 a month, you could pay off the debt in 3 years instead of 8, and save yourself over $1,800 in interest. Imagine what you could do with $100 more per month.
It’s a hard lesson for us all.