How Interest Slows Down Your Debt Payoff
Credit cards are revolving debt, meaning interest is calculated daily. If you only make the minimum payment, most of your money goes toward interest rather than reducing the principal balance.
To pay off your credit card faster, try the Debt Avalanche or Debt Snowball method. Even adding an extra $50 to your monthly payment can cut years off your payoff timeline and save you hundreds in interest costs.