Get Debt Free
Faster and Easier
You could spend the next, say, five years or so paying down all
of your credit cards. You could make the minimum monthly payment
on each of them which will keep you paying off the interest and
a very small portion of the principal of the loan. In three to
five years you could have them all paid off – as long as you
don’t miss any payments or make any late payments. If you do
this, you will get charged upwards of $35 for each late payment
and your interest rate will go up substantially. Not only that,
but if you go over your credit limit you will pay another $35
for each month that you are over your limit until you pay it
down enough to get it back under that line. You would then need
to do this for each and every card that you own.
Or you could get a debt consolidation loan and put all of your
bills into one monthly payment. You would have a lower interest
rate, and if you are late on a payment your interest rate would
not change, nor would you be charged a $35 penalty for being a
day late. By getting a debt consolidation loan you are also
looking at paying off all of your debt in one fell swoop. You
get a debt consolidation for the amount of money that you owe on
all of your debts – and then you use the money from the loan to
pay them all off. Now you are left with one payment each month
which is lower than what you have been paying, and you have
eliminated late and over limit fees.
You will also be debt free in two to three years depending on
the amount of debt that you have as debt consolidation loans are
all about getting the debt paid off – not stretching it out over
ten years.
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