Some bad news is coming in the mail. Be prepared to face up to it immediately. The card balances likely total more than you expected. And the brokerage or mutual fund statements likely show less than you hoped.
Open the envelopes — the credit card bills and the brokerage statements. The card balances likely total more than you expected. And the brokerage or mutual fund statements likely show less than you hoped.
The simple formula to pay down that debt is to take the current monthly minimum payment and double it. Write that amount down and pay the same amount every month . If you don’t charge another penny on the card, you’ll wipe out your balance in less than three years. But if you keep paying only minimum, it could take decades, and you’ll pay interest that totals five times the amount of your original purchase.CreditCards.
Now is the time to take a closer look at your portfolio. If you’re still working and have many years ahead of you to both make more contributions at these lower prices, then don’t panic. Your 401 or IRA will bring you out ahead over the long run. Still, you should know where you stand. The best way to recoup those losses is to contribute more at today’s lower prices.
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