Day 16 - what debts do I have?
Step 1 - list all your debt!
* Credit cards
* Personal loans
* Student loans
* Mortgages
* Car loans
* Lines of credit
* For each one, write:
* Current balance
* Minimum payment
* Interest rate (APR)
Step 2 - do the math:
- Annual interest cost =Balance × Interest rate
- $10,000 at 20% → $2,000/year
- * That’s ~$167/month just in interest (before touching principal)
Step 3 - Categorize: high vs low interest
High-interest debt (typically 10- 30%+)
- Credit cards
- Many personal loans
- Some private student loans→ This is financially corrosive→ It compounds against you
Moderate-interest (5- 10%)
- Auto loans
- Some private loans→ Neutral to slightly negative depending on context
Low-interest (0–5%)
- Mortgages (historically)
- Federal student loans - depending when you went to school
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Day 16 - what debts do I have?
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