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Tracy Stewart, CPA
  • (979) 324-8179
  • (979) 324-8179
  • Location
  • Contact
  • Menu

Tracy Stewart, CPA

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  • (979) 324-8179
  • (979) 324-8179
  • Location
  • Contact
  • Menu

Peace of mind through financial clarity.

Tip for speeding up credit card debt repayment

August 15, 2017 by Tracy Leave a Comment

47% of Americans with credit card debt pay only the minimum balance when making payments on their balance. Believe it or not, most of the time these minimum payments aren’t even enough to cover the amount in interest owed on this debt. So now what?

In today’s episode of Your money Minute with Tracy Stewart, CPA, I want to talk about speeding up credit card debt repayment by paying more than the minimum balance due. Credit card companies are in the business of making money on your debt — and they want you to pay only the minimum amount due. They make a killing off your interest!

Always pay more than the minimum amount due. Even if it’s only $20 more, this will keep you from getting burned by the interest. By increasing your monthly payments by $20 each month, you can save hundreds of dollars over the the span of paying off your debt.

Don’t forget to subscribe to my YouTube channel for the latest episodes of Your Money Minute with Tracy Stewart, CPA, where I share practical advice on money and life each and every weekday.

Filed Under: your money minute

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Thanks for all the help, advice and encouragement. It's a real pleasure learning from an informed, honest and caring person. I sleep so much better at night. Thank you for everything!
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