The Power of Small Extra Payments
Even $50 or $100 extra per month can dramatically shorten your payoff timeline. On a $10,000 credit card at 20% APR with a $300 minimum payment, adding just $100/month extra saves over $1,500 in interest and cuts the payoff time nearly in half.
How Extra Payments Reduce Interest
Every extra dollar goes directly to principal. Since interest is calculated on the remaining balance, paying down principal faster means less interest accrues next month — creating a compounding effect in your favor.
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