FREE CONSULTATION

(508) 857-5697

Reasonable Rates!

New Cape Cod Location

(508) 470-1900
20 Forsythe Ave
S. Yarmouth, MA 02664

 

Do You Know How Much Your Debt is Costing You? – Matthew C. Swanson, Esq

Many of my clients will consider themselves financially stable if they are able to make their minimum monthly payments on their debt.  I am often told, “I’m OK because I’m current.”  Let’s take a closer look at what “being current” costs you.

 

For purposes of this exercise, let’s assume that Client A has credit card debt of $25,000.00 with an average interest rate of 18%.  Let us also assume that Client A will make all minimum payments (on time) on her cards plus 1% and Client A will not incur any further debt on the cards.

 

If Client A made her minimum monthly payments, it would take her 433 months or 36.08 years to pay off her credit card debt.  During this time, she would pay $36,925.12 of interest and the total cost of the credit card debt would be $61,925.12. (http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx).

 

It is imperative for anyone with credit card debt to have a plan in place to pay off the debt within five years.  Using the above website, you can determine what additional payments should be made to eliminate the debt during your predetermined time frame.  Any duration beyond five years will greatly impact your success rate.

 

If you are unable to address your debt within that time frame, please call my office for a free consultation.  A solution in bankruptcy could eliminate your debt in as little as three months.

Contact Us

FREE Consultation

Please fill out the information below and one of our attorneys will contact your immediately to assist you with your legal needs.

This man helped us get through a tough time.  We met with Matt and talked about what was going on and that we need Help big time, working with him took a lot of stress off the wife and myself.  Matt did it all, he took his time to make sure we had everything we could think of, write it down when you can, bring it in later, or call and leave him a message.  Yeah we left a few messages, give Matt a call...

Michael

WordPress theme by Slocum Design Studio