Credit Donkey examined how paying even just an extra dollar on all your credit bills and long-term loans can help raise your credit score and put you back in the driver’s seat of your financial future.
Not only will you get out of debt faster, you’ll avoid the interest fees that snowball with each passing month.
For example, for a person holding $14,718 in credit debt with 13.04 per cent APR, adding an extra buck to their $300 monthly payments would cut interest charges by nearly $10,000. The time spent paying off all that debt would also be reduced—by 25 years.
Check out the infographic below to learn more:
Photo: Credit Donkey