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Increase monthly debt payments to expedite payoff from "summary" of Debt Free for Life by David Bach
To truly accelerate your journey to becoming debt-free, one of the most effective strategies you can implement is increasing your monthly debt payments. By committing to paying more than the minimum required each month, you can significantly reduce the amount of time it will take for you to eliminate your debts entirely. When you only make the minimum payments on your debts, you end up primarily covering the interest charges rather than making a dent in the principal balance. This means that you could be stuck in debt for years, or even decades, due to the compounding effect of interest. However, by increasing your monthly payments, you can start chipping away at the principal balance, which will ultimately reduce the total amount you owe. It's important to pr...
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