Some even chose to pay off their surgery bills over a period of up to five years.

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Das helps people pay off their debts over an extended period while giving them protection from creditors.

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If you're aiming to pay off your mortgage in a short period you can still save a bundle, says Clifford Slater, a licensed loan officer in Newton, Mass.

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Store cards don't pose a problem if you are disciplined enough to pay off the balance within the interest-free period (typically between 35 and 55 days).

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People use an investment product, such as an equity based investment in an Individual Savings Account, to pay off the debt at the end of the mortgage period - typically after 25 years.

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For instance, Apple offers customers up to 18 months interest-free on purchases on a card from Barclaycard US. But if you don't pay off that specific purchase in the interest-free period, you'll face a variable annual percentage rate that's currently about 23%, according to the Apple website.

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The committee previously raised concern over the decision to give the former boss of Transport Scotland a pay-off equivalent to six months salary, when his notice period was three months.

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With a five-year hybrid ARM, for example, the borrower will either pay off the loan at the end of the five-year period, allowing the bank to reinvest its money, or will continue to pay back the loan at a fixed rate that is higher.

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