Tip:
Highlight text to annotate it
X
This is financial adviser Patrick Munro talking about how long will it take to get out of
debt. Well, that's a question best posed, it depends on how much debt you have. If you
have a large amount of debt, you want to set a larger time frame as to when to get out
of that debt. What is required if you make that commitment, is try not to incur more
debt that will go on top of the debt that you're trying to pay off. This time frame
is really the reverse of what the power of compounding interest, if you're a saver and
you save a small amount of money then you put on more money and save that, well that
will compound and grow larger, that is wealth. On the other side of the coin, if you spend
money and debts begin to pile up in your life, that too compounds and results in credit problems.
So, how long will it take to pay off your credit is a function of how much debt you
have and as a conscious consumer make sure you avoid having a large amount of bad debt
going forward. This is Patrick Munro financial adviser.