Eliminate debt by paying more than the minimum from "summary" of Get Good with Money by Tiffany the Budgetnista Aliche
To get rid of debt, you have to pay more than the minimum. Think of it like this: Imagine you have a hole in your bucket, and water is leaking out. You have to pour water in faster than it's leaking out for the bucket to fill up. Similarly, you have to pay more than the minimum on your debt for it to go away. When you only pay the minimum on your debt, you're barely covering the interest. It's like trying to fill up a bucket with water that's leaking out faster than you can pour it in. You end up stuck in a cycle of debt because you're not making progress on paying off what you owe. Paying more than the minimum means you're attacking the principal balance of your debt. This is the actua...
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