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Determine a Lump Sum to Pay Down Debt

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Paying off a large chunk of debt with a lump sum is very beneficial, even though it maybe not be the most glamorous way to utilize your extra funds.

Using a large amount of money to decrease your overall debt can lower your interest rate substantially and lower the total amount that you will pay in the long run. Whether the lump sum is your savings, a tax refund, inheritance, or year-end bonus, your financial future will thank you. Use our calculator below to see how much you’ll save in the long run.

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The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.