How do you turn $20,000 into more than $33,000?
If you’re talking about credit card debt, all you need do is make minimum monthly payments. At a minimum payment of $400 a month at current interest rates, it will end up costing you $33,403 to pay off all the debt. That’s over eight years. If you don’t use the card.
That is not good.
So how do you pay off $20,000 in credit card debt before interest rates devour your bank account?
It may sound hard, but all you need is determination and a plan. Here are the best ways to escape a $20,000 credit card black hole. Look them over and find an overall strategy that works for you.