Strategies for Paying Off Debt

Paying more than the minimum payment dramatically reduces the time and interest cost of debt. Even an extra $50-100 per month can save thousands in interest and years of payments.

Debt Avalanche vs. Debt Snowball

Two popular debt payoff strategies: Avalanche (pay off highest interest rate first, saves most money) and Snowball (pay off smallest balance first, provides psychological wins).

Understanding Credit Card Interest

Credit card interest compounds daily, not monthly. Making payments more frequently (bi-weekly or weekly) can reduce total interest paid even with the same total payment amount.

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