How Much Is That Debt Costing You?

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Have you had that “holy crap!” moment regarding your debt?

You know, it’s that point where you say, “What the %#!& have I been doing?”

If you have, I’m hoping that you’ve taken the steps to start attacking your debt like crazy.

If you haven’t had that moment, I want to get you to utter that phrase right now.

It’s time to sit down and find out just how much interest you’re paying on a monthly basis.

I’m not talking about just skimming over your credit card statements. I mean totaling the interest from all of your debts.

There’s nothing more motivating than seeing that you are paying $100, $500 or more in monthly interest. Wouldn’t that money be better focused somewhere else?

Start this exercise by gathering the following information for your debts:

  • Total Balance
  • Annual Interest Rate
  • Most Recent Payment

When you have all of that information ready, use the following spreadsheet to calculate the cost of your debt.

My Debt Over Time Worksheet Price: $5 This worksheet is available to members of this site. It's just a fraction of the financial education materials you'll get! My Debt Over Time Worksheet Monthly membership. Cancel at any time.

So how did you make out? Were the numbers a little surprising?

I hope those numbers triggered an emotion in you so intense that you are now considering selling your expensive car and buying a cheaper alternative (or something equally as extreme). That’s the kind of commitment you need to end your reliance on debt forever! Start attacking it!