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Repaying Debt Takes More Money Than You May Think

When you consider taking out a loan or borrowing money by using your credit card, think about personal finance guru M.P. Dunleavey's powerful debt math. She estimates that it takes $16,400 in income to pay off a $10,000 loan at 15 percent interest. Check out her reasoning in the video below.

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ilanac13 ilanac13 8 years
i have to admit that i hadn't thought about how i needed to factor in what i was doing to pay off my debt. i had taken out a personal loan a while back to pay off some stuff and i realized that now i've payed more than the amount of the loan and the debt based on the additional interest that i was being charged. it's one of those life lessons. just learn to only spend w/in your means and you won't find yourself in such a hole down the road
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