Student credit cards and discovering more
The simplest method is to add a little extra money to your monthly credit card payments. If your balance is $7,000 and you are paying 14% interest, a $150 monthly payment will cancel your debt in 68 months, and you will pay $10,200 total. That amounts to $3,200 extra in interest payments. Just $25 per month added to your payments will reduce the payoff time by over a year, to 54 months, and the final sum you will pay will be $9,450. That's $750 in savings.