February 2022 – Creditaid

February 23, 2022March 16, 2022

How Reducing Interest Rates Reduces Debt Faster

Did you know that much of your debt consists of interest? This is especially true if you’ve carried balances for a long time.

For example, if you have a $10,000 balance at 20%, it will take you 60 months to pay off the debt with a $264 monthly payment and a total of $5,896 paid in interest. Your $10,000 would cost you $15,896, which is made up of 37.09% interest charges.

Reducing your interest rates can help you save money and pay your debt off faster.

February 9, 2022March 16, 2022

Pay Down your Debt and Put the Interest Money Toward Savings

It’s a common debate consumers face – do you pay down your debt or save money? You want to get rid of your debt, but you also need money saved for emergencies, so what do you do?

What if you could have the best of both worlds?

If you pay down your debt but continue ‘paying yourself’ the interest, you’ll get out of debt AND save money.

Here’s how!