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Most of us loose money everyday. Some of us don't realize it. Others simply don't care. For a lot of people that lost money could come in handy to pay down debt.
On Tuesday, we "found" $260.00 in one month for my friend just in overdraft fee's!
Today I'm referring to households who pay only the minimum payment on credit cards, loans and lines of credits as well as those people who wait for the "late" reminder on their bills as a "reminder" to pay it.
Let's look at these a little closer.
Minimum Payments:
Minimum payments can, over the long run cost you dearly.
Here's an example:
Lets say you have $8000.00 in credit card debt (or a loan or line of credit) at 15% interest and your minimum payment is based on 3% of the balance.
If you just paid the minimum payment each month (starting with $240 a month, payments decreasing slightly as the principle is paid down) and never put another dime on that credit card it would take you 224 months pay...
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