How to Pay Off Debt Faster
The average American household carries $7,951 in credit card debt at ~20% APR. At minimum payments, that takes 19 years and costs $11,000+ in interest. Adding just $100/month cuts it to 3 years and saves $8,000.
Avalanche vs Snowball
Avalanche: Pay highest-interest debt first. Saves the most money. Snowball: Pay smallest balance first. Gives quick wins for motivation. Mathematically, avalanche always wins — but the best strategy is the one you stick with.