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Money Myth: 0% Interest Loans are Free Money
Manage episode 296119688 series 2925791
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In this episode, we discuss the hidden fees and catches behind these types of debt offerings. What is the biggest hidden fee you are most likely missing? How much is your auto loan costing you over your lifetime? Listen to find out.
Action Steps:
1) If you have a 0% interest credit card, pay it off before the interest-free period is up and do not miss a payment.
2) If you have an auto loan, figure out how you can pay it off as quickly as possible. You should be able to pay it off in less than 2 years.
3) Don't fall for the 0% interest or low interest loan hype ever again. Don't use debt to buy depreciating assets.
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