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Enter your balance, APR and monthly payment into Only Loans to see your payoff date. A $5,000 card at 22% APR with $150 a month takes about 52 months and roughly $2,798 in interest. General info, not financial advice.
Avalanche: pay minimums on everything and put extra toward the highest interest rate first; it saves the most money. Snowball: put extra on the smallest balance first for quick wins. The best one is the one you'll stick with.
I'm on a debt-free journey. It's like a road trip, except the snacks are rice and beans. My wallet is like an onion: opening it makes me cry.
Paying only the minimum can stretch debt out for years. A $3,000 balance at 25% APR with $100 a month takes about 48 months and roughly $1,757 in interest. Any extra helps.
Many people start with a small starter emergency fund so a flat tire doesn't go on the credit card. Then throw extra at debt. Protect the plan while you work it.
Same $5,000 at 22% APR: paying $200 instead of $150 a month cuts it to about 34 months and roughly $1,750 in interest. That extra $50 saves over $1,048. Try your numbers in Only Loans.