Eliminate $8,000 on Your Cards Fast
You are approaching the $10k danger zone. Interest is now eating $160/month of your payments.
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 Credit Card, 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 $$9,200 in interest alone if you don’t change your plan today.
The Solution
We have already loaded your balance of $8000 into the calculator below.
We’ve assumed a standard interest rate of 24.99% (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 $8000 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 24.99%, 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.
Ready to attack your Mortgage next?
Check out our Mortgage Payoff Calculator here →