A little something for those with debt and Netflix

Disclaimer - this is something I stumbled upon in my files which I obviously copied from somewhere probably here:

Then think about this fact. If you cancel a $20 monthly bill and instead apply that $20 to your credit card bill (that has a balance of $5,000, a 12% interest rate, and a $100 minimum payment), you’d turn 302 payments of $100 a pop into 55 payments of $120 a pop (I used the minimum payment calculator to get this number). Your credit card balance would disappear in about four and a half years instead of twenty five years, just by getting rid of that Netflix account.

WOW! Gives you a new appreciation for keeping those little monthly recurring expenses low doesn't it. This applies to more than just CC debt (think about car loans, home loans, student debt, etc - although these tyopes of loans typically have lower interest rates and thereby would demonstrate a less drastic effect) and Netflix isn't the only culprit in the game of little monthly recurring expenses (think about cell phones, extra bandwidth for your internet service, cable TV, etc.)

Anyway - just some food for thought.