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RE: Paying Off Debt With Crypto?

in #crypto • 6 years ago

I did it. I paid off debt.
Consider...what's the interest rate on your debt. Are you just getting deeper and deeper in the hole? If you have some Crypto gains...eliminate the debt.

You can earn more with Steem.

6 years ago in #crypto by
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     6 years ago 

    The debt in question is in a promotional interest-free period.

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     6 years ago 

    even better...pay it off before the interest kicks in.
    at a guess...the interest rate will be HIGH.
    I've seen some over 25%

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     6 years ago 

    It's pretty high but not that bad. 25%, jeez!

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     6 years ago (edited)

    actually i've seen worse...
    at some point you pay youre monthly minimium payment.
    and your balance INCREASES!

    because of the high interest

    that's bad.

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