It is easy to forget that the interest on your debt can add up and when you see the total dollar amount of what you will eventually pay if you only make minimum payments, you definitely sit up and take more notice. No amount of justifying the reasons for my debt could make up for the amount I was paying to “borrow” the money. However, I didn’t think I had much of a choice.
It is easy to forget that the interest on your debt can add up and when you see the total dollar amount of what you will eventually pay if you only make minimum payments, you definitely sit up and take more notice. No amount of justifying the reasons for my debt could make up for the amount I was paying to “borrow” the money. However, I didn’t think I had much of a choice. I only had a certain amount of money to put towards debt payment and no real options for increasing my income. What’s a girl to do?
For one of my coaching sessions, Alan walked me through the ins and outs of my debt as well as the best ways to get rid of it. The first thing he did was show me via my personalized account on the Money Mastery program just how much I would be paying in interest on my debt if I paid minimum balances for the next five years (gulp). Then, he asked me to enter in the same amount of my smallest debt payment to the second smallest payment. As the program calculated the overall amount of interest I would pay, I was shocked to see it go down by $1000.