When it comes to paying off debt, many people assume that paying off high-interest credit cards first is always the smartest choice. But here’s the truth: what really matters isn’t just the interest rate—it’s the interest cost. Let’s break it down. A 12% APR credit card means you’re being charged 1% interest per month. So, if you owe $1,200, carrying that balance for a month will cost you $12 in interest. Now, compare that to applying the same $1,200 toward your mortgage at 4%. It may seem like the mortgage has a lower interest rate, but applying it to the mortgage could save you over $2,000 in future interest!
This example highlights the concept of opportunity cost—the potential savings you miss by choosing one option over another. The Pill Method teaches you how to analyze these opportunities to maximize savings. It’s not about blindly paying off debt; it’s about strategically using your money to cancel the most interest possible. This involves understanding not just which debts to tackle, but also the exact amount to pay, the timing of payments, and which loans to prioritize.
Most people have never been taught how to think this way about their debt. That’s why The PILL Method: A Better Way to Eliminate Debt is such a game-changer—it explains the basics of interest cancellation and equips you with the knowledge to save tens of thousands of dollars in interest. By learning how loans and amortization schedules work, you’ll gain insights that most financial professionals don’t even know. Take control of your debt smarter and faster by visiting ICE10k.com and starting your journey today!
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