You know the interest rate you are paying on your credit card; it appears on every credit card statement. (You do know the interest rate you are paying? If you don’t, grab your last statement and look at it; this is an important number).
But do you really know what that rate means? If your credit card interest rate is 20%, and you buy something for $100, and you pay it off in full one year from today, you actually paid $120 for that item. That’s the power of interest!
What does your debt really cost you? What will it cost to pay it off? Try our free on-line debt calculator. It only takes 10 seconds to see what your debt costs, and to start exploring solutions.