The majority of people who walk, talk and breathe also carry debt. Whether it’s a mortgage, a student loan, a car loan — or the good (bad) old credit card debt, most Americans at some point in their lives borrow. And when that time comes for you, it pays off — literally — to understand how much that debt truly costs you. That means you shouldn’t just look at your monthly payment or the original amount you’ve borrowed. Do the math, and you may realize that the type of loan you are pitched may not best serve your needs — or that, after all, the cost of that loan doesn’t justify your need for the product you are planning to purchase with it. In this infographic, new credit-management website CreditSesame.com shows you, with specific examples, the potential true cost of the most common types of consumer debt.
The Real Cost of Your Debt provided by CreditSesame.com.