Dallas, TX (PRWEB) November 24, 2014 -- National Debt Relief recently shared in an article published last November 19, 2014 on just how much debt really costs. The article titled “What Debt Will Cost You Over Your Lifetime Will Stagger You” aims to show how debt adds up to staggering amounts over the lifetime of a consumer without them noticing it.
The article starts off by explaining that debt is almost everywhere. Even the pure joy of having a child can cost a couple about $245,340 in raising the child. This can include all the food, clothes and other basic necessities. This can also include the things parents buy to make their kids as comfortable as possible like that bed and some toys as well.
The article also takes off from what former Senator Everett Dickson once famously said that, “a billion here, a billion there and pretty soon you’re talking about real money.” This of course could mean “a thousand here, a thousand there and pretty soon it could be leading to real debt for consumers.
Another statistic that will surprise consumers is that at the end of their life, there is a big chance that the payment made to banks, credit card companies and other lenders could sum up and be equivalent to ten years worth of their paychecks. One of the major debt items in the budget of a person would be their mortgage.
It is still an American dream to be able to own a home and this comes at a hefty price tag. The article points out that for a 30-year fixed rate mortgage at 4.5% without refinancing it, the interest payment alone would be at just over $226,620.31. For automobiles with an average loan balance of $22,750 at an interest rate of 6.075% at 64 months, this would be interest payments of $4,372.43. per car.
To read the article, click this link: http://www.nationaldebtrelief.com/debt-will-cost-lifetime-stagger/
Paul Ritz, National Debt Relief, http://www.nationaldebtrelief.com/, +1 888-703-4948, [email protected]