Posted by try to avoid debt on March 21, 2002 at 14:06:02:
In Reply to: Re: How to pay for a tuba-loans vs. other posted by Dale on March 21, 2002 at 11:09:11:
I saw the figures on this a while ago and it goes something like this. It takes something like 19 years to pay off a $2000 credit card debt by making the minimum monthly payment. Somebody with a special finance calculator will be able to work up the exact numbers but the result is scary never the less.
That is just an example. I know there are better and cheaper ways to get financing but you should still think twice about going deeply into debt. It can take many years to pay off student loans. Large outstanding student loans or worse, old student loans that are in default, can effect your credit when you try to buy a house several years down the road.
Bruce, who managed to graduate from college many years ago debt free, h.