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9 Steps to Get Out of Debt Part 2
By Jeremy Zongker
Step 2 - Understanding the Impact of Debt
Knowing the full impact debt is having on your life will help you understand how truly important it is to get out of debt and will help keep you motivated to pay off your debt. This article will help you to understand the consequences of debt, both financially and otherwise.
Let's start with viewing the financial cost of debt. Compounding interest has been called the Eighth Wonder of the World", and I hope after reading this article you'll see why. Say you purchase an $80,000 house on a 30-year mortgage at 6% interest. Over the life of the loan you'll pay a total of $172,670.55, over double the price of the home. If you were to purchase the sa...
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