Strategy for $55,000 Debt Load

You need a shovel. Side hustles or selling assets may be necessary to move the needle on this balance.

But here is the truth the banks won’t tell you: The number isn’t the problem. The strategy is the problem.

If you stick to minimum payments on a Total Debt, you aren’t just paying back the principal. You are paying a “Stupidity Tax” to the lender. Based on typical rates, you could lose over $$26,500 in interest alone if you don’t change your plan today.

The Solution

We have already loaded your balance of $55000 into the calculator below.

We’ve assumed a standard interest rate of 14% (you can adjust this if yours is lower).

Look at the Bars in the Graph below. That is your path to freedom.

The “Why”

Did you see the “Freedom Date” move when you added an extra $50? That is the power of the Avalanche Method.

Most people with $55000 try to “save” their way out of debt. That doesn’t work. You have to math your way out.

What to do next:

• Adjust the Rate: If your rate is different than 14%, tweak it in the tool above.
• Commit to the Extra Payment: Even $25/month shaves months off your sentence.
• The Next Step: Once this debt is gone, you don’t just stop. You take that same payment and attack your biggest liability.