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Aug 22, 2011 5:58 AM by Kate Richards

Now is a good time to pay off debts

If you are one of the millions of people who are paying off debt, it might be a good time to take the extra steps to pay it off.

Interest rates are at a historic low for many savings accounts, and this means you might not make much money with them and that your money, could be better used to pay off debts.

Consumer credit counselor, Manual Navarro says of you are stable with your bills, there is no reason you shouldn't use any extra money to pay off debts.

Navarro also says it's not enough to stop using the card and make minimum payment. That could take up to 40 years to pay off that debt.

 

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