Debt

"Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you"-J. Reuben Clark Jr., 1938

If you have credit card debt and are unable to pay the full amount each month, then I highly recommend visiting the web site, The Real Damage

Enter in a amount of money for something you'd like to buy, click the "What's the Damage button?" and see how much you'll actually be spending by the time the debt is paid off. Not so obvious is that you should customize the parameters behind the calculation by clicking on the "Credit Cards" bar to the right. This allows you to enter your actual interest rates, outstanding balance, and amount you pay off each month. There is also an "Additional Payments" bar so you can see how paying a little extra can go a long way to reducing the total cost of debt.

The site does not ask for email or any personal info.

Bottom Line

Never pay just the minimum amount on a credit card bill. This will keep you in debt for years and cost you big time. With the default settings on Real Damage, a $75 purchase cost a total of $168 after all the interest payments.