Did you know that much of your debt consists of interest? This is especially true if you’ve carried balances for a long time.
For example, if you have a $10,000 balance at 20%, it will take you 60 months to pay off the debt with a $264 monthly payment and a total of $5,896 paid in interest. Your $10,000 would cost you $15,896, which is made up of 37.09% interest charges.
Reducing your interest rates can help you save money and pay your debt off faster.Continue reading “How Reducing Interest Rates Reduces Debt Faster”