Financial Literacy Month – Tip #17

In this time of economic uncertainty, it is important to review the interest rate(s) on all recurring statements. Knowing the interest rate(s) you are paying to carry debt will provide the evidence needed to craft a plan to eliminate costly debt. The first step in crafting the plan, is gathering the evidence.

Take the time to gather all credit card, auto loan, mortgage and personal loan statements. For each statement, highlight the following items:

  • Interest rate
  • Balance
  • Minimum payment

This tip will take 15 minutes to complete and will be used to complete tomorrow’s tip! Let the investigation begin……….

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