This was a great exercise for me as I have been thinking about my debt and know that I need to get a handle on things. While I do not have a house payment, the HELOC and the high credit card debt I carry are a concern, particulary as I begin to think more about retirement. I do put as much as allowable into my retirement and I own stock in several major corporations, but this exercise was effective in showing me how much money I waste each year on interest.
After calculating the debt payments I was shocked to learn that over 11 years I would pay almost $20,000 in interest if I were to just pay the minimum and that (depending on the scenario) I would pay $12,000 or $13,000 with power payments. Even with the power payments it is astounding
After calculating the debt payments I was shocked to learn that over 11 years I would pay almost $20,000 in interest if I were to just pay the minimum and that (depending on the scenario) I would pay $12,000 or $13,000 with power payments. Even with the power payments it is astounding