If you are buried in high interest debt you should be looking into different debt instruments in order to speed the debt repayment process and to reduce your cost. Some departments store credit cards have interest rates up to 29%. This is outrageous! Most traditional credit cards have a interest rate around 19%, still outrageous. There are a variety of low interest cards out there that have decent rates around 10%. Or if you have a good credit score you can get a line of credit with rates as low as 5%.
I have made a chart on how much money you could save by changing your funds to lower interest debt instruments. This exaple is if you have $10,000 in debt and you want to pay it off in five years.
It is crazy to see how much money you are throwing away by keeping balanced on the high interest cards, why not transfer the balance to
low interest cards or other low interest debt tools.
0 comments:
Post a Comment