Repaying Your Debt

When it comes to a major purchase where financing is involved, there are a few options that can really save you money. In financing, there are two major elements to consider, time and interest. These combined elements are what determine the actual cost of your purchase. If you are paying 9% in interest for a $10,000 loan, the difference between paying the loan in 24 months vs. 48 months is a cost savings close to $1,000. Conversely, if you are paying that same loan off in 48 months with an 8% APR vs. 9%, you could save over $450 on that loan. But what if you already have a loan and can't negotiate how much you borrowed or how much interest you are paying? Good news, you still have time on your side. Save money by paying that loan off sooner.

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