Pay More Off
If you have a $3,000 balance on a credit card charging 14.98% interest, and pay a 2% minimum every month it will take 26 years to pay off your balance and cost you a total of $7,440 in interest. The only way to get to Debt-free Forever is to commit to paying of that balance no matter what it takes. Start by dividing the balance you owe by 36. That’s the least you should be paying off your principal each month. Don’t forget to add the interest. Now you’re on your way.