Shopping Cart
Your Cart is Empty
Quantity:
Subtotal
Taxes
Shipping
Total
There was an error with PayPalClick here to try again
CelebrateThank you for your business!You should be receiving an order confirmation from Paypal shortly.Exit Shopping Cart

Honest Information, Profitable Trading

Durudarshan - Investment Analysis

My Blog

Blog

A debt of 10,000 what does it cost?

Posted on September 3, 2012 at 8:02 AM
Most people, when they take out a loan or incurr credit card debt, don't worry about it long term.  They just meet the minimum payment and hope everything is fine till next month.  But a sobering thought : I looked through an interesting book, The Chinese way to wealth and prosperity, and I woke up to see the context :  A 10,000 loan, if it is being repayed at the minimum 3 percent per month, and say the rate is 20 percent or so, will take 90 years to clear.  90 years is a lifetime. 
 
A solution is to try and repay the debt a bit more, so that the capital repayment is reduced.  Say, pay £30 or $30 more per month, that would reduce the time frame.  Or ask for an interest-freeze, if your circumstances warrant it.  Or request the bank or lender to reduce the interest rate, from 20 percent or whatever to less, much less.  Once that is agreed and set in motion, you can sigh a sigh of relief. 
 
20 percent per annum is a sobering amount.  Just imagine the horrendous 1329 percent or so that some lenders charge.  That ought to be outlawed. 
 
Till next time.
 
Kind regards,
Duru-darshan.
 
 

Categories: Best in the Industry, Diamond Jubilee Year and Paralympics, Divine Guidance, Expansion the key, to avoid recession in midst of plenty., Help for Indebted Farmers in India, Interest Rate and the Economy., Website traffic streams, Welcome, Worldwide Economic Recovery

Post a Comment

Oops!

Oops, you forgot something.

Oops!

The words you entered did not match the given text. Please try again.

3 Comments

Reply MCX HNI Tips
7:47 AM on February 7, 2017 
Best advice you shared here
Reply Stock Future Tips
7:09 AM on February 8, 2017 
Useful opinion you shared here about cost
Reply Stock Cash Premium
12:38 PM on March 8, 2017 
Interesting post I read here about cost and debt
0