I was recently speaking with a friend about her debt. She pays $600 in interest on four credit cards and is only making the minimum payment. My first thought was “that’s $600/mo she could be putting towards her actual debt, retirement and investing”.
I suggested she get a 21 month zero interest credit card and use that same $600 to pay off her debt in the 21 months. Unfortunately, she has poor credit and is maxed out on all of her cards and can’t get another credit card.
As we started to dig deeper I realized the only way my friend is going to get out of her debt is if she chooses to;