What do you think just $10 a day could do to get rid of your debt? Bet a lot more than you think. Let’s take a look.
If you had $10,000 of credit card debt at 18 and a ½ % interest and only paid the minimum amount, it would take you more than 30 years to pay it off …and that’s assuming you never put one new dollar of spending on that card. AND, it would cost you over $26,000!
If you found an extra dollar and change per day to pay down on that debt, you’d save over $5,000 and be rid of it around 9 years sooner. If you could find an extra $5 per day, you’d save nearly $10,000 and be rid of that debt over 16 years sooner AND with $10 more per day going toward that debt, you’d save a whopping $12,402 and be rid of that debt nearly 21 years sooner.
Try it out for yourself. Hop on these online calculators to see what a few dollars a day can do to slay your debt:
- Financial Consumer Agency of Canada
- Quebec's provincial regulator
- Credit Canada Debt Repayment Calculator
If you'd like to watch my video on this topic, click here.