Is Any Debt A Good Debt?

Is Debt OK?

We talk a lot about paying off debt. We really hate high credit card balances because they tend to be for things that are not really tangible or long lasting, and those rates can really run out of control. There has been a lot of talk about the mortgage crisis, but I am sure that credit cards have gotten a lot more people in financial trouble with little to show for their expenses.

Emergency Credit

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So can you spare a buck a day?

If so, maybe you can apply an extra $30 a month to your credit card bill. If so, you will be paying to finance $360 a year less, which with interest rates approaching 27% on some cards can be substantial! This is especially true if you have only been paying the minimum balance and found that you are not getting anywhere trying to pay off your balances.

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How Long To Pay Off Debt With Minimum Payments?

You may wonder how long it will take to pay off a credit card or other unsecured loan by making the minimum payment. Well, I have to tell you that if have run up a substantial balance, let’s say a few thousand dollars, it will take awhile if you can manage it at all. Let’s say you have a fairly moderate $3500 balance. And lets say your interest rate is reasonable, say 14%.

FREE ONLINE DEBT PAYOFF CALCULATOR

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