May 19, 2016
How to Become Debt-Free by 2017
For example, consider this situation: you have a credit card with a $5,000 balance and a 12 percent APR. “If you pay the minimum monthly payment of $100, it will take you 70 months to pay off the card and you will pay an additional $1,966 in interest,” Wong explains. “But, if you raise your monthly payment to $120 per month, you can pay off the card in 50 months and pay $1,500 in interest.”
The easier part is paying an additional $20 per month on your credit card. The harder part will be convincing 2017 to wait 50 months. ;)
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