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So can you spare a buck a day?
If so, maybe you can apply an extra $30 a month to your credit card bill. If so, you will be paying to finance $360 a year less, which with interest rates approaching 27% on some cards can be substantial! This is especially true if you have only been paying the minimum balance and found that you are not getting anywhere trying to pay off your balances.
This same approach can also work on car loans and some mortgages. Look at the monthly payment as a minimum and try to kick in a bit extra when you can. I am here to tell you, but nothing is so satisfying as watching those balances decline so you can think about the day when you do not have monthly loan balances to make payments on!
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In addition to saving money in the long run, you will also reduce the length of time it takes to pay the bill off. So go ahead and buy the cheap coffee instead of the grande latte, and get that debt paid off!
If you haven’t been here already, why not visit our online debt payoff calculator and see how fast you can lower that debt?
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[...] change in those payments would change your payoff dates. For instance, one article suggests adding one extra $1 a day to your credit payments, and shows how dramatically it can reduce your loan balance, and how much quicker it can reduce the [...]