Ramit Sethi argues that most people lack basic awareness of their debts (how much they owe and when loans will be paid off) and gives practical steps: obtain exact payoff dates from lenders, use online debt-payoff calculators by plugging in your numbers, and consider modest extra monthly payments (e.g., an extra $100/month can reduce payoff time by years).
90%
95%
$100 per month
Seven years
When I talk to people about debt, 90% of them do not know how much they owe, 95% of them do not know when their debt will be paid off. This is very simple and you need to know this. If you have credit card debt, student loan debt, mortgage debt, go online, search for debt payoff, calculator, plug in your numbers. If you don't know, make the debt company tell you all the information and then you will know the exact month and year it will be paid off. Sometimes paying $100 more per month can shave seven years off that debt. So I want you to be able to see that.
