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  • Will You Add? - Why Aren't You Paying Down Your Debt?

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    ayments. For $100 dollars.

    Each time interest is added to your account, you have to take a step to reduce the debt or watch it build on you. Putting off paying off mea

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    Do you have good reasons for not paying off your debt? Good for you. But what you need to understand is that with interest, every month that passes means you pay hundreds or thousands of more dollars. Even if you are making all of your minimum payments, you aren't really getting ahead.

    I tried explaining this a client who hadn't used her credit card in over a year, but had been faithfully paying the minimum payment each month. She just couldn't grasp it until I showed her last year's statement for May. When compared to this year's statement, she was shocked to find that she had only paid down her account by approximately $100. In a year. Yet, she had easily made $300 worth of payments. For $100 dollars.

    Each time interest is added to your account, you have to take a step to reduce the debt or watch it build on you. Putting off paying off mean

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    thousands of more dollars. Even if you are making all of your minimum payments, you aren't really getting ahead.

    I tried explaining this a client who hadn't used her credit card in over a year, but had been faithfully paying the minimum payment each month. She just couldn't grasp it until I showed her last year's statement for May. When compared to this year's statement, she was shocked to find that she had only paid down her account by approximately $100. In a year. Yet, she had easily made $300 worth of payments. For $100 dollars.

    Each time interest is added to your account, you have to take a step to reduce the debt or watch it build on you. Putting off paying off mea

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    credit card in over a year, but had been faithfully paying the minimum payment each month. She just couldn't grasp it until I showed her last year's statement for May. When compared to this year's statement, she was shocked to find that she had only paid down her account by approximately $100. In a year. Yet, she had easily made $300 worth of payments. For $100 dollars.

    Each time interest is added to your account, you have to take a step to reduce the debt or watch it build on you. Putting off paying off mea

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    Each time interest is added to your account, you have to take a step to reduce the debt or watch it build on you. Putting off paying off mea

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    ayments. For $100 dollars.

    Each time interest is added to your account, you have to take a step to reduce the debt or watch it build on you. Putting off paying off means that you will pay higher interest each month than is necessary.

    Want a shock? Plug everything into one of the debt reduction calculators to see how long it will take you to be debt free. Two years ago, the calculator said 100 years of debt payments for my family. The only debt we now have is a mortgage, which has approximately 10 years left. We are working hard on paying it off earlier.

    I've heard all the excuses. My favorite is that "I am about to get a promotion, we'll pay it off then." That rarely happens, but no one sees that until it is too late.

    For example, I have a client that is counting on a $800 a month promotion to pay for daycare for another child (pl

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