Bruce Williams: Increasing monthly payments shortens debt retirement |

Bruce Williams: Increasing monthly payments shortens debt retirement

DEAR BRUCE: I have a credit card with a balance of $11,058. The statement that came in the mail from the company says it will be paid off in 19 years if I pay only the minimum each month. I almost fell off my chair! I don’t have the money to pay in full, and I don’t have any extra money to pay toward it. Is there anything I can do to lower it? — Reader

DEAR READER: You’re going to have to pay more each month, even if it means getting a part-time job. Nineteen years — that’s something to look forward to! It shouldn’t take anything like that amount of time. Maybe four or five years to pay off the balance by increasing the monthly payments.

Do yourself a favor: Don’t use this card. Put it away for emergencies only. Good luck.

DEAR BRUCE: Can you tell me what liability coverage for cars covers? Does it cover damage to others? — Reader

DEAR READER: Yes, the liability covers damage you may be responsible for to others. For example, let’s say you have a fender-bender and clearly it’s your fault. This is what liability insurance is for. It also pays for damages to your passengers. Simply put, with liability coverage, if you’re at fault for the accident and the insurance company agrees to pay, it will in fact pay for the damage you caused.

Send questions to Questions of general interest will be answered in future columns. Owing to the volume of mail, personal replies cannot be provided.)The Bruce Williams Radio Show can now be heard 24/7 via iTunes and at It is also available at

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