Do you know what your debt is really costing you? How much of your monthly payments to your debt is actually going to principal and working at attacking your debt? Use our Actual Cost of Debt tool today to find out! By entering in the name of the debt, the amount you owe, the monthly payment and annual interest rate, the tool will calculate the amount of interest you are paying per month and per year. It also shows the overall percentage of your payments that are being applied to your principal balance and your debt freedom date.
Take some time to calculate what your debt is costing you in interest payments. If you are carrying a balance on credit cards from month to month, consider using a 0% balance transfer HERE. This can allow you to start applying 100% of your payments to debt and accelerate your debt freedom date.
Want more tips like this one? Subscribe to the Monday Money Tip Podcast HERE.