I was happy to contribute to this article that was featured on Forbes.com. Hope it is helpful to you. Leave a comment about your takeaways or ways you’ve learned to conquer debt and save!
Pay, Spend, Pay: How This Debt Mistake Can Set You Back
By Marisa Torrieri
This post originally appeared on LearnVest
When it comes to making debt payments, most of us probably fall into three categories: those who pay the minimum, those who try to pay a little more than the minimum—and those who are like Jason Vitug.
After Vitug graduated from college in 2003, he found himself saddled with $40,000 in combined student loan and credit card debt. That figure weighed on him so heavily that he took drastic measures to get rid of it quickly: At times that meant making double his minimum debt payments, to the tune of about $2,000 a month—on a $45,000 bank branch manager’s salary.