Debt Calculators
Getting into debt is something that most American’s find themselves wishing they
had never begun.
Getting out of debt is strong desire for most of the
country as well. If you could have only known how much debt you could have
afforded before you signed the dotted line.
A sad truth is that most of
the people in debt today pay the minimum payment on their accounts with hopes to
one day be out from under the debt and have the financial freedom they dream
of.
Even sadder is that by making a minimum payment on a credit card or
credit account you could actually take 10 to 20 years to pay off the
principal.
Most credit cards with a $1,000 balance yield a $40 payment on
average. Depending on your interest rate and finance charges, you could be
paying on around $10 on the principle. With that calculation you would pay over
8 years to get the account paid in full.
With that rate at a minimum you
would pay $2,000 in fees and interest on top of the $1000 originally spent. You
have to ask if that television was actually worth $3,000 over 8
years?
Setting an appointment with a life coach and wealth planner can
help you get on the right track to be debt free.
There are also great
online tools that can help you such as BankRate.com’s debt calculators. Check
them out and begin your eye opening journey to the realities of
indebtedness.