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(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. (


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.

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Matt Swanson helped us with Chapter 13- he was so helpful, non-judgemental and friendly. It really helped getting through a tough time. He clearly has a lot of experience with the process and made everything easy for us. When going to the hearing you see a lot of lawyers working for their clients and in comparison Matt was very organized, prepared and put together- this is something the judge really appreciates and so did we.


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