DEBT FREE in 5 to 7 years? How is that possible?
Here's an example: $2,000 credit card balance; $50 min. payment; 18% interest rate.
Applying an additional $50 a month to this debt pays it off in 24 months and you would save $1,985 in interest. You would need to get a 49.5% equivalent rate of return on an investment in order to generate the same $1,985 in 24 months with just a $50 a month investment.
If you applied $100 additional to the same debt, it would be paid off in 15 months and you would save $2,268. This is a 67.9% equivalent rate of return!
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My comment. The above is interesting and doable without signing up for anything. Do not sign-up for his program.
Use the Calculator in Site Links to see how much you would save in interest by paying extra, even on your house. It's FREE. And when it comes to paying off debt, that's a good word.
For example, let's say the principle payment on your loan at this moment is $200 on a 30 year loan of $188,000. By just paying the principle twice, you'll save approximately $1,000. Use the Calculater and do the math yourself.
